The Ghana Voice,
Accra, Ghana
BoG Figures Contradict NPP Minority’s ‘No Losses’ Claim on Gold-for-Reserves Programme
Lawrence 12-01-2026The Bank of Ghana (BoG) has released official figures showing significant losses under the Domestic Gold Purchase Programme (DGPP) and its associated Gold-for-Reserves (G4R) framework, directly contradicting claims by the NPP Minority Caucus that the programme recorded no losses in previous years.
The disclosure follows a Right to Information (RTI) request by Asempa FM, to which the central bank formally responded in a letter dated January 12, 2026, signed by Ernest Nii Sowah Ahulu, for the Acting Head of the Financial Markets Department.
Documented Losses Since Inception
According to the BoG’s audited data, the DGPP—introduced in June 2021—incurred losses across multiple years, with both G40 and G4R components recording substantial deficits.
2022
Total Gold Purchased: 3.47 tonnes
Total Gold Value: US$194.43 million
Net G40 Losses: GHS 74.44 million
Total Losses: GHS 74.44 million
2023
Total Gold Purchased: 37.02 tonnes
Total Gold Value: US$1.553 billion
Net G40 Losses: GHS 317.69 million
Net G4R Losses: GHS 1.054 billion
Total Losses: GHS 1.372 billion
2024
Total Gold Purchased: 56.47 tonnes
Total Gold Value: US$4.069 billion
Net G40 Losses: GHS 1.822 billion
Net G4R Losses: GHS 3.840 billion
Total Losses: GHS 5.662 billion
For 2025, BoG reported purchases of 110.99 tonnes valued at US$11.399 billion, but noted that loss figures are pending external audit confirmation.
The Bank further clarified that ASM (Artisanal and Small-Scale Mining) losses formed part of the totals, amounting to GHS 74 million (2022), GHS 2.15 billion (2023), and GHS 4.84 billion (2024).
BoG Clarification on Loss Categories
The central bank explained that:
Net G40 losses include losses from gold and oil transactions under the programme.
Net G4R losses include losses from ASM gold purchases and other G4R segments.
Figures for 2022–2024 were drawn from final audited accounts, underscoring their reliability.
Programme Objectives vs Outcomes
While acknowledging the losses, the BoG maintained that the DGPP is a strategic intervention aimed at stabilising the cedi, strengthening foreign exchange buffers, and boosting investor confidence—core mandates of the central bank.
However, the newly released data decisively undermines public assertions that the programme operated without financial losses.
Political Claims Rebutted by Official Data
The BoG’s response places verified numbers on the public record, exposing the false claim by the NPP Minority Caucus that the DGPP/G4R recorded no losses in the past. With losses exceeding GHS 7.1 billion between 2022 and 2024, the central bank’s own audited figures tell a markedly different story.
As scrutiny of the programme intensifies, the disclosure is expected to fuel renewed calls for accountability, transparency, and a comprehensive assessment of the policy’s net impact on Ghana’s economy.