The Director of Research at the Institute of Economic Affairs (IEA), Alexander Bilson Darku, has rejected claims that GoldBod incurred losses from Ghana’s gold purchase programme, saying the losses are recorded on the books of the Bank of Ghana (BoG).

Speaking with the media on September 2, 2026, he said the IMF report makes it clear that the losses were recorded by the central bank and not GoldBod.

“It says the central bank is making a loss. It says that it sits on the central bank books. Very clear in that. So from where is the debate that GoldBod made a loss?” he questioned.

He explained that GoldBod acted as an agent, purchasing gold on behalf of the Bank of Ghana, which subsequently received and exported the gold.

According to him, the main question should therefore be why the Bank of Ghana incurred the losses and whether those losses should remain on its books.

Darku said some analysts believe the losses should instead be absorbed by the government through the national budget because the gold purchase programme involves activities that go beyond the normal functions of the central bank.

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He also explained that some of the costs recorded by the Bank of Ghana were fees and discounts paid to GoldBod.

In his view, those payments cannot be described as losses to GoldBod because they constitute revenue for the institution.

“If that is the case, then actually those are revenues to GoldBod, and can’t be a loss to GoldBod,” he said.

He further identified differences in foreign exchange rates as the biggest component of the losses.

He argued that GoldBod did not determine the exchange rate used to purchase the gold. According to him, that decision was made by the government through the Bank of Ghana.

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“I do not think it was the decision of GoldBod to buy the gold at the forex rate. It is a decision of the government through the central bank,” he said.

He said attention should therefore be focused on the decisions taken by the Bank of Ghana under the programme rather than blaming GoldBod for the losses.

DR/MA

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