The International Monetary Fund (IMF) has stood by its assessment that Ghana’s Gold Board (GoldBod) recorded a loss of about US$214 million under the Gold for Reserves programme. The figure forms part of the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported programme.
At a press briefing on January 15, 2026, IMF Director of Communications Julie Kozack reiterated that the loss estimate remains unchanged. She said the figure reflects what the IMF calls a quasi-fiscal loss — not formally on the government’s fiscal balance sheet but ultimately a cost to the state.
According to the IMF, the losses arose from trading activities, fees and exchange rate movements under the domestic gold purchase programme. The Fund said the programme did help build international reserves and ease pressure on the foreign exchange market during a challenging economic period.
In response, the IMF urged stronger transparency, governance and risk management measures for GoldBod-linked operations. The Fund also recommended that such losses be reflected on the government’s budget balance sheet rather than remaining on the books of the Bank of Ghana.
The IMF’s public defence comes amid ongoing debate in Ghana over the interpretation and implications of the reported losses. Government officials and GoldBod leadership have questioned characterisations of the figure, saying the $214 million estimate relates to accounting assessments rather than an operational deficit at GoldBod itself.
Skip to PDF content
