The Institute of Economic Affairs (IEA) has rejected claims that the Ghana Gold Board (GoldBod) suffered a GH¢1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme.

According to the Institute, a large part of the amount was linked to revenue and foreign exchange valuation differences and should not be treated as a direct loss to GoldBod or the country.

Speaking at the IEA’s assessment of the 2026 mid-year budget review on Wednesday August 26, 2026, the Director of Research at the Institute, Professor Alexander Bilson Darku, said the figure included service fees, assaying fees and foreign exchange valuation differences.

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According to him, the Bank of Ghana paid GoldBod service and assaying fees for work done on behalf of the Central Bank, making those payments revenue for GoldBod.

Prof. Darku said about 90% of the reported GH¢1.7 billion was mainly linked to exchange-rate valuation differences explaining that changes between the exchange rate used to buy gold and the rate used to value the proceeds could appear as a loss in the Bank of Ghana's accounts.

“It is merely a book accounting issue, and not a significant loss to the nation,” he stated.

He added that because the transactions involved two state institutions, a cost recorded by one institution could also be revenue for another.

“To the Government, its monetary authority, which is the Central Bank, has made that loss. To the Government, its Gold Board has made that gain,” he said.

Prof. Darku, however, said GoldBod's financial activities must still be carefully monitored, especially as the institution moves away from Bank of Ghana financing to raise funds from the private sector for its gold purchases.

He said the IEA believed the government had made progress in stabilising the economy but must now focus on turning those gains into jobs, growth and long-term economic transformation.

“The government has done well to achieve some reasonable macroeconomic stability, and most of the macro-indicators have moved in the right direction within a relatively short period of time,” Prof. Darku said.

ANAS/SA

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