The International Monetary Fund (IMF) has maintained its assessment that the Ghana Gold Board (GoldBod) incurred losses amounting to approximately US$214 million under Ghana’s domestic gold purchase programme, insisting that its findings remain unchanged.
The assessment is contained in the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported programme and has generated public debate following its release.
Addressing the matter at a press briefing on Thursday, January 15, 2026, the IMF’s Director of Communications, Julie Kozack, said the Fund had already provided a detailed explanation of the losses and stood by its conclusions.
According to her, while the programme played a critical role in strengthening Ghana’s international reserves and easing pressure on the foreign exchange market during a difficult economic period, it also resulted in a government-related loss estimated at US$214 million.
Ms. Kozack explained that the losses emanated from a combination of trading activities, operational fees and adverse exchange rate movements. She noted that although the loss is not formally recorded on the government’s fiscal balance sheet, it ultimately represents a cost borne by 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,” she stated. “The report also quantified what we call a quasi-fiscal loss. Quasi-fiscal meaning because it’s not on the fiscal balance sheet, but ultimately it is a fiscal loss. And that loss was US$214 million that the team quantified.”
She added that the IMF’s analysis showed the loss stemmed largely from trading operations, fees associated with the programme and fluctuations in exchange rates.
To address the situation, the IMF is recommending stronger transparency, improved governance structures and enhanced risk management, particularly in relation to operations linked to GoldBod under the domestic gold purchase programme.
Ms. Kozack further stressed that the Fund is urging the authorities to ensure that such losses are reflected on the government’s budget balance sheet rather than remaining on the books of the Bank of Ghana.
“We also strongly recommend that the losses should be brought on balance sheet rather than held on the balance sheet of the Central Bank,” she said, explaining that this step is necessary to safeguard the financial health and independence of the Bank of Ghana.
“This is important to ensure that the Bank of Ghana remains well,” she added.
The IMF’s position underscores its call for reforms aimed at strengthening accountability and reducing fiscal risks associated with quasi-fiscal operations, as Ghana continues to implement measures under its IMF-supported economic recovery programme.
