The Bank of Ghana’s Domestic Gold Purchase Programme lost over $1.7 billion in 2025, the International Monetary Fund says. That is 1.5% of GDP and about 17% of the doré gold the central bank sold.
IMF Selected Issues Country Report 2026/213 links the hit almost entirely to Gold-for-Reserves doré trades. Costs included GoldBod service and assay fees, discounts to offtakers, and exchange-rate gaps between forex bureau purchase rates and the BoG reference rate used in accounting. The Fund notes the accounting losses partly reflect valuation effects, but still weaken the BoG balance sheet. Artisanal gold exports hit $10.9 billion the same year, or 9.5% of GDP.
Ghana media covering the sixth IMF review also cite a gross programme loss of about GHS22 billion for the same 1.5%-of-GDP line. BoG explanations treat a large share as an accounting adjustment, with a lower net cost after government cost-sharing and bullion gains. GoldBod disputes framing that pins the full $1.7 billion on the Board as a corporate loss, saying the IMF recorded the figure against BoG programme operations.
From July 2026 the programme’s operations and costs sit with GoldBod, not the central bank, the IMF says. A July memorandum of understanding among BoG, GoldBod and government formalised the transfer.