IMF reveals Ghana’s gold programme losses hit $1.7bn
The IMF has revealed that the Bank of Ghana’s Domestic Gold Purchase Programme recorded losses exceeding $1.7 billion in 2025, far higher than previously reported.
The International Monetary Fund (IMF) has revealed that losses from the Bank of Ghana’s Domestic Gold Purchase Programme in 2025 were far higher than previously reported. According to the IMF’s 2026 Article IV Consultation report, the programme recorded losses exceeding $1.7 billion, or 1.5% of Ghana’s GDP, compared with the widely reported $214 million.
The IMF attributed the losses mainly to Gold-for-Reserves (G4R) doré gold purchases, which accounted for a 17% loss on the value of gold sold by the central bank. Other factors included service and assay fees paid to GoldBod, discounts on gold sales, and exchange rate losses arising from differences between purchase and accounting rates. While some of the losses reflect accounting valuation effects, the IMF said they have weakened the Bank of Ghana’s balance sheet. The report also noted the central bank’s negative equity stood at 6.7% of GDP at the end of 2025.
The Nigerian stake is clear. Ghana’s gold programme was intended to boost reserves and stabilise the currency, but the losses have weakened the central bank’s balance sheet. The IMF’s revelation raises questions about the programme's effectiveness and the management of Ghana’s reserves.
From a Nigerian vantage point, the Ghanaian experience is a warning. Nigeria also manages significant reserves, and the losses in Ghana highlight the risks of complex financial programmes. The Nigerian government must ensure that its own reserve management is transparent and effective.
This echoes the 2010s gold purchase programmes in other African countries, which also faced challenges. The mechanism then was different, but the result was the same: a focus on the risks of reserve management.
The winners: none. The losers: the Bank of Ghana, which has suffered losses; and the Ghanaian public, who bear the cost of the losses.
Bottom Line: Ghana’s gold purchase programme lost $1.7 billion. The IMF has revealed the true scale. The question is whether the programme will be reformed or abandoned.