GoldBod Rejects IMF Claims of $214m Losses Under Gold-for-Reserves Programme
The Ghana Gold Board (GoldBod) has strongly rejected claims by the International Monetary Fund (IMF) that the Bank of Ghana (BoG) incurred losses of about $214 million under the Gold-for-Reserve (G4R) program. GoldBod CEO, Sammy Gyamfi, described the claims as inaccurate and misleading, stating that the institution has made no losses in 2025.
According to Gyamfi, GoldBod’s role in 2025 has been limited to the local purchasing, assaying, and export of gold on behalf of the BoG. He emphasized that the selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the BoG. Gyamfi also dismissed claims regarding off-taker fees, stating that there is nothing like ‘GoldBod off-taker fees’ under the ASM gold trading program .
GoldBod has generated over $10 billion in foreign exchange in 2025 alone through ASM gold purchases for the BoG, contributing significantly to increased reserves and the stabilization of the cedi. The institution is set to declare an income surplus of not less than GH¢600 million for the year 2025, based on unaudited financial statements.
The BoG has also dismissed reports of losses from its gold operations, describing them as “speculative” and awaiting the completion of the external audit. The central bank linked the Domestic Gold Purchase Programme (DGPP) to improvements in Ghana’s external position, with international reserves expected to exceed $13 billion by the end of 2025.
GoldBod is scheduled to fully take over the ASM gold trading programme in January 2026, and Gyamfi expressed confidence that the new structure will further strengthen Ghana’s gold trading framework and deliver positive returns for the economy.
