The Chamber of Licensed Gold Buyers (CLGB) has responded to the International Monetary Fund's (IMF) report of provisional losses of about US$214 million under Ghana’s Gold-for-Reserves (G4R) program.

According to the Chamber, the figures relate to the Bank of Ghana’s balance sheet, not the operations of licensed gold buyers or the Ghana Gold Board (GoldBod) directly.

In a statement sighted by GhanaWeb Business, the CLGB, which represents tiered licensed gold buyers operating under the GoldBod aggregation model, said the reported losses largely reflect timing gaps, international gold price volatility, and operational execution challenges.

GoldBod rejects IMF claims of $214m loss in BoG Gold-for-Reserve program

It noted that licensed buyers are paid regulated margins for sourcing gold from artisanal and small-scale miners (ASM) and channeling it into the formal framework, and therefore do not directly incur the reported losses.

“Gold sector reforms must be anchored not only in national interest, but also in sound commercial design and risk management. Strengthening GoldBod’s operational architecture, particularly pricing transparency, settlement efficiency, and private sector participation, will be critical to preventing future balance-sheet pressures,” Chief Executive Officer of the Chamber, Kwaku Amoah said.

The CLGB highlighted operational challenges faced by licensed buyers, including variations in ASM gold quality, logistics costs, and international price fluctuations, while urging measures such as transparent reporting, standardised pricing, risk-sharing frameworks, and capacity building to strengthen the sector.

The Chamber reaffirmed its commitment to supporting the formalisation of ASM gold under the GoldBod model, stressing that licensed buyers remain critical partners in delivering sustainable reserve accumulation, formal sector growth, and broader economic benefits for Ghana.

Meanwhile, the Ghana Gold Board (GoldBod) has dismissed the IMF’s assertions, insisting that the report misrepresents both the structure and execution of the Gold-for-Reserves programme.

According to GoldBod, the Gold-for-Reserves initiative was designed to support foreign exchange accumulation while formalising the artisanal and small-scale mining sector, and does not expose the institution to the trading losses attributed to it in the IMF review.

The Board maintained that any provisional figures cited by the Fund relate to Bank of Ghana balance-sheet accounting outcomes, rather than operational losses incurred by GoldBod itself.

GoldBod further disputed the characterisation of “off-takers’ fees,” arguing that these charges reflect standard market-related costs associated with gold aggregation, assaying, logistics, and compliance, rather than abnormal expenses undermining the program's viability.

Read the full statement below



MA