Ghana’s Gold-for-Reserves Controversy: IMF Flags Losses as Gold Board and Parliament Clash
Accra — Ghana’s Gold-for-Reserves (G4R) programmed has once again become a focal point of national debate after the International Monetary Fund (IMF) reported substantial provisional losses tied to the scheme, a move that has ignited political and economic controversy across the country.
IMF Report Signals $214 Million Loss
In its Fifth Review of Ghana’s economic programmed under the Extended Credit Facility, the IMF disclosed that the Bank of Ghana (BoG) recorded approximately US $214 million in losses under the Gold-for-Reserves programmed through the third quarter of 2025. These losses, representing about 0.2 % of GDP, were mainly attributed to trading shortfalls and fees associated with gold transactions, especially those involving artisanal and small-scale mining dore gold. The IMF also warned that the rapidly expanding programmed poses “significant downside risks” to Ghana’s macroeconomic stability if unchecked.
GoldBod Rejects Loss Claims
The Ghana Gold Board (GoldBod) has strongly disputed the IMF’s characterization of the figures, insisting that it has not recorded any losses and that the organization is not a profit-making entity but rather a strategic institution supporting national economic goals. GoldBod CEO Sammy Gyamfi clarified that the IMF did not state that the Board itself made losses, emphasizing that GoldBod’s mandate centers on foreign exchange generation and reserve accumulation, not commercial profit. He said the narrative of losses has been misleadingly framed in public discourse.
Mr. Gyamfi also highlighted audited figures from previous years, indicating cumulative losses under earlier versions of the programmed in 2023 and 2024 but argued that the 2025 numbers reflect a relative improvement compared to past performance.
Political Backlash and Calls for Transparency
The IMF’s disclosure has drawn sharp criticism from opposition lawmakers. The Minority Caucus in Parliament described the $214 million figure as indicative of deep structural flaws in how the programmed is designed and implemented, arguing that the losses represent foregone development opportunities such as hospitals and water infrastructure. They have called for a bipartisan parliamentary inquiry with powers to subpoena contracts, pricing formulas, foreign exchange arrangements, and more, to ensure full transparency and accountability.
The Minority also suggested that the programme’s mechanics particularly the exchange-rate and pricing arrangements between domestic gold purchases and foreign sales effectively transfer financial harm from intermediaries to the central bank.
Additionally, the People’s National Party (PNP) has called for the dissolution of GoldBod, the removal of both the Bank of Ghana Governor and the CEO of GoldBod, and referrals to the Office of the Special Prosecutor (OSP), alleging grave mismanagement and threats to economic stability.
Government and Majority Position
Supporters of the current administration rebut these criticisms, arguing that the reported $214 million should be viewed as transactional or operational costs, not outright losses, and that both the Bank of Ghana and GoldBod are prepared to render accounts to Parliament in early 2026. Ghana’s Majority in Parliament has pledged to support full disclosure and statutory reporting.
Meanwhile, some analysts and supporters defend GoldBod’s role in strengthening Ghana’s foreign exchange position and stabilizing the cedi through strategic gold trade, pointing to broader macroeconomic gains reported by the IMF aside from the gold-for-reserves issue.
What’s Next
As pressure mounts for answers, GoldBod has committed to providing a detailed response to the IMF report and parliamentary inquiries starting January 5, 2026. The controversy underscores ongoing tensions in Ghana’s economic policymaking balancing ambitious resource-based strategies with robust oversight and fiscal prudence.
Source: Ebenezer Adu / Emmanuel Ayiku
