The International Monetary Fund (IMF) has clarified that the $214 million figure associated with Ghana’s GoldBod is an accounting cost, not a loss incurred by the Ghana Gold Board. This clarification comes after the IMF’s country report on Ghana sparked debate on the performance of the Domestic Gold Purchase Programme (DGPP).
According to the IMF, the DGPP has contributed significantly to stabilizing Ghana’s economy, particularly in building international reserves and easing pressure on the foreign exchange market. The programme was designed to support macroeconomic stability and create value from Ghana’s gold resources, rather than generate trading profits.
IMF Communication Director Julie Kozak emphasized that the reported losses stem from trading margins, fees, and exchange rate movements, which are predictable elements of commodity-backed liquidity operations. The IMF has advised that future entries be reflected transparently on the national budget to protect the central bank’s core policy mandate.
The Ghana Gold Board has welcomed the IMF’s clarification, maintaining that the DGPP was a strategic intervention that delivered its primary objectives during a critical period. The Board’s CEO, Sammy Gyamfi, stressed that GoldBod has not incurred losses, but rather generated surpluses, and its financials are publicly available for verification.
The IMF’s confirmation represents a significant validation of Ghana’s economic policies, highlighting the importance of proper accounting treatment and transparency in economic management. As Ghana continues to navigate its economic recovery, stakeholders will be watching the implementation of reforms and the impact on the country’s fiscal discipline.
The clarification is expected to boost confidence in Ghana’s economic management and reinforce the country’s commitment to transparency and accountability.
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Author: Korkor Anumu
