The International Monetary Fund (IMF) has reiterated that Ghana’s Gold Board (GoldBod) incurred losses of approximately $214 million, maintaining its earlier assessment. According to the IMF’s Director of Communications, Julie Kozack, the losses stemmed from trading activities, fees, and exchange rate movements.
The IMF’s position remains unchanged despite pushback from Ghanaian authorities and GoldBod leadership. Kozack emphasized that the losses are quasi-fiscal, meaning they’re not formally recorded on the government’s fiscal balance sheet but ultimately carry fiscal implications.
According to GhanaWeb, the IMF has advised that the losses be removed from the Bank of Ghana’s balance sheet and transferred to the national budget to improve transparency and accountability. This recommendation aims to safeguard the central bank’s financial position and operational independence.
The GoldBod had recorded profits, but these gains came at the expense of the central bank, which absorbed the bulk of the losses. The IMF’s assessment highlights the need for stronger transparency, governance, and risk management in the gold purchase programme.
The programme was designed to support macroeconomic stabilization and create value from Ghana’s gold resources. While it contributed to building international reserves and easing pressure on the foreign exchange market, it also resulted in significant losses.
The IMF’s stance has sparked debate, with some calling for a reassessment of the programme. As Ghana approaches the scheduled completion of its IMF-supported programme, the government must address these concerns and implement reforms.
Source: GhanaWeb, Starr FM
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Author: Korkor Anumu
