The Bank of Ghana has disclosed that it recorded a total loss of GH¢7.1 billion from its domestic gold purchase activities between 2022 and 2024. The losses were incurred under programmes designed to strengthen foreign exchange reserves and support economic stability during a period of significant financial pressure.
According to official data released by the central bank, the losses accumulated over three consecutive years as part of efforts to use locally sourced gold to support national reserves and facilitate key transactions, including fuel imports. The figures show that the programme recorded relatively lower losses in its early stages, which increased substantially over time due to market conditions, pricing differences, and operational costs.
In 2022, the domestic gold purchase programme posted a modest loss compared to subsequent years. However, the financial impact widened in 2023 and intensified further in 2024, contributing to the overall GH¢7.1 billion deficit reported by the Bank of Ghana. The central bank attributed the outcome to fluctuations in gold prices, exchange rate movements, and costs associated with sourcing gold from local producers.
Despite the losses, the Bank of Ghana maintains that the programme was introduced as a strategic intervention to address foreign exchange shortages and reduce reliance on international currency markets. Officials argue that the initiative provided temporary relief during a challenging economic period and helped support broader macroeconomic objectives.
The disclosure has sparked public debate about the effectiveness, sustainability, and risk management of the domestic gold purchase strategy. Some analysts have called for greater transparency and stronger oversight, while others stress the need to balance financial outcomes with broader economic stability goals.
The Bank of Ghana has indicated that it will continue to review and refine its gold-related programmes, taking lessons from the reported losses to improve future policy decisions and safeguard public resources.
