IEA rejects GH¢1.7bn loss tag on GoldBod
The Institute of Economic Affairs (IEA) has rejected claims that the Ghana Gold Board (GoldBod) caused a GH¢1.7 billion loss to the Bank of Ghana under the Domestic Gold Purchase Programme.
According to the IEA, much of the figure represents revenue to GoldBod and foreign-exchange valuation differences, not an actual loss to the state.
Speaking at the IEA’s assessment of the 2026 Mid-Year Budget Review on Wednesday, on the theme “From Stabilisation to Transformation: An Assessment of Ghana’s 2026 Mid-Year Budget Review,” the Director of Research at the IEA, Professor Alexander Bilson Darku, said the reported amount comprised service fees, assaying fees and forex valuation differences arising from GoldBod’s purchasing and export operations.
He explained that the service and assaying fees were payments made by the Bank of Ghana to GoldBod for services rendered on behalf of the Central Bank and therefore constituted revenue to GoldBod.”I don’t understand why somebody would call revenue a loss,” Prof. Darku said.
Prof. Darku noted that the largest component of the reported GH¢1.7 billion figure, accounting for about 90 per cent, was primarily an exchange-rate valuation issue.
He explained that GoldBod purchased gold on behalf of the BoG, with the proceeds subsequently converted from US dollars into cedis using the Central Bank’s applicable reference exchange rate. Differences between the exchange rate used at the point of purchase and the rate used to value the proceeds could consequently appear as a loss in the BoG’s books, although that did not necessarily represent a depletion of national wealth.
“It is merely a book accounting issue, and not a significant loss to the nation,” he said.
He added that transactions between the two public institutions should be viewed from a broader government perspective, since a cost recorded by one institution could simultaneously constitute revenue for another.”
To the Government, its monetary authority, which is the Central Bank, has made that loss. To the Government, its Gold Board has made that gain,” he said, adding that the amounts could effectively wash out at the broader government level.
Nevertheless, Prof. Darku said GoldBod’s financial operations required scrutiny, particularly as the institution transitions from relying on BoG financing to sourcing funds from the private sector for its gold-purchasing activities.
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