The Bank of Ghana (BoG) has recorded a sharp rise in losses under its Domestic Gold Purchase Programme (DGPP), with total losses reaching GH¢5.66 billion in 2024, according to data released under a Right to Information (RTI) request.
The programme, established in June 2021, is aimed at strengthening Ghana’s external reserves and supporting currency stability.
Data released to Asempa FM’s Philip Osei Bonsu shows that net losses rose from GH¢74 million in 2022 to GH¢1.37 billion in 2023, before ballooning to GH¢5.66 billion in 2024.
The Bank explained that the losses stem largely from Net G40 losses, covering gold and oil transactions, and Net G4R losses, which relate to artisanal and small-scale mining (ASM) gold and other segments of the programme.
“The DGPP is a strategic programme that promotes currency stability, which is one of the Bank’s reserve buffers,” the BoG said, insisting that despite the losses, the initiative remains a key stabilisation tool.
Preliminary figures for 2025 indicate that 100.6 tonnes of ASM gold and a total of 110.99 tonnes of gold were purchased, valued at about US$11.4 billion. However, the Bank noted that these figures are yet to be confirmed by external auditors.
Analysts have cautioned that while the DGPP supports Ghana’s reserve position, the escalating losses highlight the growing challenges of managing large-scale gold operations alongside other financial instruments.
The BoG has indicated that it remains open to further queries for clarification.
In the formal RTI petition, Ekosiisen cited Article 21(f) of the 1992 Constitution and the Right to Information Act, 2019 (Act 989), demanding a clear and comprehensive breakdown of the programme’s performance.
It noted that although the Bank’s 2024 Annual Report made no reference to the losses, the BoG has yet to publish a full account of the profits or losses recorded under the Gold-for-Reserves (G4R) initiative since its inception.
The RTI request specifically asked the Bank of Ghana to provide:
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Annual purchase volumes: The quantity of gold bought each year under the G4R programme
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Financial value: The total value of gold purchased annually since the programme began
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Profit and loss statements: A year-by-year account of all recorded profits or losses
The host of the programme, Philip Osei Bonsu, said the request was made in the interest of transparency and accountability, on behalf of his listeners and the general public.
