Dr Mohammed Amin Adam, former Finance Minister, asserts that the Bank of Ghana’s losses would have been far greater without the Domestic Gold Purchase Programme.

The Bank of Ghana recorded a much larger loss in 2025, according to its annual report and financial statements released on May 1, 2026.

The Bank posted a GH¢15.63 billion loss for 2025, a 65% increase from the GH¢9.49 billion loss in 2024.

At the Group level, which includes its subsidiaries, losses also rose to GH¢15.29 billion, up from GH¢9.41 billion the previous year.

This indicates that financial pressure affected both the Bank and its related entities.

But in a post shared via Facebook, Dr Amin Adam indicated that “In plain terms: even after selling gold, the Bank still recorded a massive loss. Without it, the situation would have been far worse.

You see this clearly in how the Bank financed its very costly monetary operations. The financial report notes that the Bank’s “strong policy solvency position” in 2025—its ability to cover monetary policy costs with internal income—was specifically “underpinned by a substantial inflow from bullion gold sales”.

The cost of sterilisation alone reached GH¢16.73 billion in 2025. Without the sale of gold reserves, the Bank’s operating income would have been about GH¢12.7 billion—insufficient to even cover the cost of sterilisation.

This is the hard reality: gold sales were not just about reserve management—they were critical to cushioning a much larger underlying loss.

Understanding stress and managing it the right way