Ghana's state-owned GoldBod did not record a GHS 22 billion loss in 2025. Instead, the Bank of Ghana (BoG) bore these substantial losses through its Domestic Gold Purchase Programme (DGPP).
This clarification comes after a fact-check of claims made by the Minority Caucus in Parliament. GoldBod's own audited accounts for 2025 confirm it operated with a surplus, not a deficit. The GHS 22 billion figure, accurately quoted by the Minority from International Monetary Fund (IMF) documents, represents losses incurred by the Bank of Ghana, not GoldBod.
The controversy began on August 18, 2026, when the Minority Caucus accused GoldBod of losing GHS 22 billion in 2025. They cited IMF reports as their source. This figure represents approximately 1.5 percent of Ghana's entire Gross Domestic Product (GDP) for that year. The Minority's claims highlighted the significant financial impact on the nation's economy. The Bank of Ghana's negative equity of GHS 93.8 billion, or –6.7 percent of GDP, at the end of 2025, was also accurately referenced by the Minority.
GoldBod's Chief Executive Officer, Sammy Gyamfi, swiftly rejected the accusation on August 19, 2026. He described the Minority's claim as a "barefaced lie." Mr. Gyamfi pointed to GoldBod's audited 2025 financial statements, which clearly showed a surplus. He challenged the Minority to identify any IMF document stating GoldBod caused or held these losses.
JoyNews Research examined the two IMF documents referenced: the Sixth Review Staff Report (IMF Country Report No. 26/212) and the Selected Issues Paper (Country Report No. 26/213). The research also reviewed GoldBod's Auditor-General-certified 2025 accounts. The findings confirm GoldBod did not make a trading loss in 2025. The IMF's Selected Issues Paper, specifically paragraph 13, attributes the DGPP losses explicitly to the Bank of Ghana. GoldBod's role was limited to that of a paid buying agent for the BoG, earning a combined service and assay fee of 0.758 percent.
This distinction is crucial for understanding public finance and accountability in Ghana. The GHS 22 billion loss, equivalent to over US$1.7 billion, arose from factors like discounts on gold sold and, most significantly, exchange rate losses. These exchange rate losses stemmed from the difference between the Forex Bureau rate used to purchase gold and the Bank of Ghana's reference rate for accounting. GoldBod was established only in April 2025 and operated as an agent, not the principal, in these transactions during that year. It did not assume full ownership and trading risk of the DGPP until later.
This clarification means that while the GHS 22 billion loss is real and significant, its attribution is critical. The Bank of Ghana's financial health, particularly its negative equity, remains a key concern for economic stability. Investors and financial markets will closely monitor the Bank of Ghana's strategies to address these substantial losses. Future discussions on public finance will likely focus on the operational structure and risk management of state-backed programs. The government's response to the Bank of Ghana's financial position will be a significant indicator for Ghana's economic outlook.