In 2025, Ghana operationalised the Gold-for-Reserves and Domestic Gold Purchase Programme (DGPP) to boost foreign reserves and formalise gold trading — especially from artisanal and small-scale miners.
GoldBod (Ghana Gold Board) is the entity set up to purchase, assay, and export gold as part of this drive, often on behalf of the Bank of Ghana (BoG).
However, questions have emerged about the financial impact of this arrangement — particularly a figure of US $214 million that has gained traction in media discussions and economic assessments.
What Does the US $214 Million Represent?
From the IMF and Independent Analysis
According to an International Monetary Fund (IMF) assessment referenced by multiple analyses:
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By the end of September 2025, losses linked to the gold transactions under the Gold-for-Reserves programme had reached about US $214 million.
These losses relate to pricing differences between domestic purchases and international sales — plus fees and discounting practices tied to exporting unrefined doré gold.
These losses are realised on the BoG’s balance sheet — meaning the money has already been expended or lost in the trading process.
So from this perspective:
✅ The Bank of Ghana has already recorded losses totalling about US $214 million under the programme, as noted by the IMF and financial analysts.
This does not mean GoldBod literally owes the BoG this amount in debt owed back to the central bank. Rather:
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The losses have occurred on the BoG’s books due to how gold purchases and sales were executed.
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The figure stems from trading losses and programme costs that the central bank has absorbed.
GoldBod’s Official Position
GoldBod’s leadership firmly rejects the idea that it owes BoG US $214 million or has caused BoG to incur losses:
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GoldBod says it has not recorded any losses and is on track to declare a GH¢600 million income surplus for 2025 based on unaudited figures.
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CEO Sammy Gyamfi claims GoldBod is unaware of any such loss by the BoG, and that any allegations are premature because the BoG’s gold programme accounts have not been audited yet.
GoldBod also disputes claims about “off-taker fees” contributing to losses, stressing that these arrangements are managed by the central bank, not GoldBod.
From this angle:
✔️ GoldBod says it has no liability of US $214 million to BoG.
✔️ It asserts that it makes profits through statutory assay and service fees, and that any perceived losses are misinterpretations.
📊 How These Views Coexist (and Why It Matters)
So why the disconnect?
📉 Loss Recognised by BoG (according to IMF)
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The US $214 million is described as a realised loss on the Bank of Ghana’s books, stemming from market pricing gaps and programme mechanics.
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These losses reflect how gold was priced and sold — often below market value once costs and discounts are taken into account.
📈 GoldBod’s Defensive Stance
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GoldBod maintains it hasn’t lost money, and it awaits audited financials to settle discrepancies.
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Its role, it insists, is operational — not profit or loss accounting for the broader programme.
Key Distinction
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BoG’s losses (as referenced by the IMF) do not automatically equate to a debt owed by GoldBod to the BoG.
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Instead, the US $214 million reflects economic outcomes of the gold trading arrangement, which the central bank bore, while GoldBod maintains operational profitability.
What Comes Next?
Recent developments suggest the Bank of Ghana may exit gold trading entirely from January 2026, in part due to concerns over financial exposure and programme sustainability.
This could help clarify:
🔹 Which losses are realised by BoG,
🔹 Which obligations (if any) GoldBod holds, and
🔹 How future gold-for-reserves activities will be structured.
Bottom Line
No — GoldBod does not officially owe the Bank of Ghana US $214 million as a simple debt.
But yes — the Bank of Ghana has been reported by the IMF to have absorbed about US $214 million in losses related to gold-for-reserves transactions under the programme.
Those losses were recorded on BoG’s books due to market pricing, operational costs, and trading gaps, not as a direct payable amount from GoldBod to BoG.
Meanwhile, GoldBod insists it is profitable and has not caused such losses — a position based on its own unaudited financials and interpretation of roles in the programme.
