The International Monetary Fund (IMF) has reaffirmed its assessment that Ghana’s Gold Board (GoldBod) incurred losses of about US$214 million, insisting that its position on the matter remains unchanged despite public debate.
The figure was first disclosed in the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported programme and has since sparked controversy over its implications for Ghana’s public finances.
Addressing questions at a press briefing on Thursday, January 15, 2026, IMF Director of Communications Julie Kozack said the Fund had already provided detailed clarification and stood firmly by its analysis.
According to her, while the GoldBod-linked domestic gold purchase programme delivered important economic benefits, it also resulted in significant quasi-fiscal losses to the state.
“On the benefit side, what we see is a contribution to a buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” Kozack said.
She explained, however, that the programme also carried substantial financial costs.
“The report also quantified what we call a quasi-fiscal loss — quasi-fiscal meaning it is not on the fiscal balance sheet, but ultimately it is a fiscal loss. And that loss was $214 million that the team quantified,” she said.
According to the IMF, the losses were driven mainly by trading activities, associated fees, and exchange rate movements.
Kozack stressed that although the losses are not currently reflected in government accounts, they ultimately represent a financial burden on the state.
To address the situation, the IMF has recommended stronger transparency, governance and risk management measures, particularly for operations linked to the GoldBod under the domestic gold purchase programme.
She further urged the government to formally recognise such losses on the national fiscal balance sheet instead of keeping them on the books of the Bank of Ghana.
“We strongly recommend that the losses should be brought on balance sheet rather than held on the balance sheet of the Central Bank. This is important to ensure that the Bank of Ghana remains well,” she said.
Meanwhile, the IMF has expressed confidence in Ghana’s overall economic performance in 2025, describing the country’s progress under the Fund-supported programme as encouraging.
The IMF’s Resident Representative in Ghana, Dr Adrian Alter, said the economy had performed better than many analysts had expected.
“Ghana’s programme remains solid and on track, with the fifth review completed and the disbursement done at the end of December,” Dr Alter said.
His comments were in response to concerns that Ghana’s recent economic gains may have been overstated or artificially supported by IMF interventions.
According to the Fund, key macroeconomic indicators — including inflation, exchange rate stability and fiscal consolidation — have improved significantly, reflecting the impact of ongoing reforms.
The IMF said it remains cautiously optimistic about Ghana’s recovery, while stressing the need for sustained discipline, accountability and transparency in the management of public resources.
Source: 3news
