Ghana experienced a substantial financial loss of over US$1.7 billion (GHS 25.5 billion) in gold trading during 2025. This significant figure, equivalent to approximately 17% of the total value of gold traded, was revealed in a recent International Monetary Fund (IMF) report. In response, the Africa Policy Lens (APL) has urgently called for an immediate forensic investigation into the Ghana Gold Board (GOLDBOD).
The bulk of these losses stemmed from purchases of gold doré under the Domestic Gold Purchase Programme (DGPP). Although recorded on the Bank of Ghana’s books, APL emphasizes GOLDBOD's critical role in sourcing and off-take operations. The IMF report identified three primary drivers for the losses: service and assay fees paid to GOLDBOD, discounts granted to off-takers or exporters, and foreign exchange spreads. These spreads represent the difference between the forex bureau rate used for gold purchases and the cedi reference rate used by the Bank of Ghana for accounting purposes.
This development adds pressure to Ghana's ongoing economic recovery efforts, particularly as the nation navigates its IMF-backed Extended Credit Facility programme. The reported losses highlight potential vulnerabilities within state-backed commodity trading mechanisms. Ghana's gold sector is a vital source of foreign exchange, and such significant leakages could undermine macroeconomic stability. Previous concerns have been raised about transparency and efficiency in state-owned enterprises, making this incident a critical test for governance reforms.
APL stated in its release that GOLDBOD was responsible for sourcing operations in 2025. The organization further cited sections 2 and 3(2) of the Ghana Gold Board Act, which describe GOLDBOD as Ghana’s sole gold trader. APL's review found that GOLDBOD fees and off-taker discounts accounted for about 1.758 percentage points of the losses, with foreign exchange spreads contributing the largest portion. This concentration of power and financial exposure within a single entity raises serious questions about accountability and risk management.
The implications of these reported losses are far-reaching, potentially affecting public finances and investor confidence. Decision-makers will need to address these findings to prevent future financial haemorrhage. APL warns that failure to examine the purchasing and pricing model could expose Ghana to further financial risks in 2026 and beyond. The government and regulatory bodies must now consider APL's demands for a comprehensive review and independent oversight to safeguard national assets. This situation will be closely watched by international financial institutions and market participants.
APL has outlined eight key concerns, including GOLDBOD's concentrated powers in 2025, which included purchasing authority, tax privileges, state-backed financing, and regulatory powers. They also questioned the significant foreign exchange exposure and the projected drop in DGPP costs from 14.5% in 2025 to 5% in 2026. APL noted that the World Gold Council cites an illustrative cost of 1.87% based on Ecuador’s model, significantly lower than Ghana’s 14.5% in 2025. This comparison underscores the potential inefficiencies in Ghana's current system. APL's assessment identifies GOLDBOD’s purchasing and pricing model as an area of significant potential risk within Ghana’s gold-trading architecture. The think-tank is pushing for urgent reforms, including a comprehensive review of GOLDBOD’s purchasing and pricing model, an independent oversight mechanism, and the publication of off-taker agreements. They also recommend reviewing GOLDBOD’s dual role, suggesting it primarily act as a regulator while licensed private firms handle commercial trading. This separation of mandate would reduce state financial exposure and clearly distinguish gold bought for strategic reserves from gold bought for foreign exchange trading, with separate funding and accounting. A forensic examination is crucial to ensure transparency and prevent further financial losses for the nation.