GoldBod Rejects IMF Claims of $214m Loss
GoldBod Rejects IMF Claims of $214m Loss in BoG Gold-for-Reserve Program
The Ghana Gold Board (GoldBod) has strongly denied allegations of incurring a $214 million loss under the Gold-for-Reserve (G4R) program, as reported by the IMF in its Fifth Review Report. According to GoldBod CEO Sammy Gyamfi, the claims are “inaccurate and misleading,” and the institution has actually made significant profits from its gold trading programs in 2025.
Gyamfi explained that GoldBod’s role in 2025 was limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana (BoG). He emphasized that the selling or trading of gold lies exclusively with the BoG, and there are no “GoldBod off-taker fees” as claimed by the IMF. The only fees charged by GoldBod are a statutory Assay Fee of 0.25% and a Service Charge of 0.5%.
The BoG has also dismissed the loss claims, describing them as “speculative” and awaiting the outcome of its annual external audit. The central bank attributes the DGPP’s success to improved macroeconomic stability, increased reserves, and support for currency stability.
The IMF had flagged the alleged losses as a downside risk to Ghana’s macroeconomic stabilization agenda. However, GoldBod generated over $10 billion in foreign exchange in 2025 through ASM gold purchases, contributing to increased reserves and cedi stabilization.
The controversy highlights the need for clarity on GoldBod’s role and the DGPP’s financial implications. The BoG has approved reforms to improve pricing and operational efficiency, set to take effect in January 2026.
