BoG Confirms Losses Under Gold-for-Reserves Programme
The Bank of Ghana (BoG) has officially disclosed that Ghana incurred significant financial losses under the Domestic Gold Purchase Programme (DGPP) and its associated Gold-for-Reserves (G4R) framework in 2024.
The disclosure came in a formal response to a Right to Information (RTI) request submitted by Asempa FM and was signed by Ernest Nii Sowah Ahulu, on behalf of the Acting Head of the Financial Markets Department.
This follows a statement by the Minority in Parliament on January 8, 2026, which accused BoG Governor Dr. Johnson Asiama of failing in oversight after the controversial $214 million loss incurred through the G4R programme.
The Minority warned that public confidence in Ghana’s financial institutions hinges on transparency and accountability, cautioning that neglecting these concerns could erode trust in the Bank and the broader financial governance framework.
According to BoG’s response, the DGPP and G4R programmes have recorded net losses totaling over GH¢7.1 billion since their launch in June 2021.
- 2022: GH¢74.44 million (entirely under Net G4O transactions)
- 2023: GH¢1.372 billion (Net G4O: GH¢317.69 million; Net G4R: GH¢1.054 billion)
- 2024: GH¢5.662 billion (Net G4O: GH¢1.822 billion; Net G4R: GH¢3.839 billion)
The Bank clarified that these figures are drawn from final audited accounts, while 2025 results are pending external audit confirmation.
BoG also highlighted that the totals include artisanal and small-scale mining (ASM) related gold losses, which amounted to GH¢74 million, GH¢1.52 billion, and GH¢4.84 billion in 2022, 2023, and 2024, respectively.
The Bank noted that losses not only existed but escalated significantly over the period.
Despite the figures, BoG stressed that the DGPP remains a strategic programme aligned with its core mandate of promoting currency stability. The initiative is designed to increase and diversify Ghana’s foreign exchange reserves and strengthen confidence in the economy through improved FX reserve buffers.
