* Ghana Seeks Reforms: Gold-for-Reserves Scheme Loses Billions
- The Bank of Ghana (BoG) has reported cumulative losses of GH¢7.1 billion (approximately $560 million USD as of January 15, 2026) on its Domestic Gold Purchase Program (DGPP)...
- The DGPP was established to enable the Bank of Ghana to purchase locally produced gold with the Ghanaian cedi, aiming to bolster the country's gold reserves and support...
- These losses escalated to GH¢1.372 billion and ultimately reached GH¢5.662 billion as operational difficulties mounted, according to figures presented by the central bank.
Bank of Ghana Reports GH¢7.1 Billion Loss on Gold Purchase Programmes
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The Bank of Ghana (BoG) has reported cumulative losses of GH¢7.1 billion (approximately $560 million USD as of January 15, 2026) on its Domestic Gold Purchase Program (DGPP) and Gold-for-Reserves (G4R) initiatives, prompting calls for national reform.
Domestic Gold Purchase Programme (DGPP) Overview
The DGPP was established to enable the Bank of Ghana to purchase locally produced gold with the Ghanaian cedi, aiming to bolster the country’s gold reserves and support the local mining industry. The Bank of Ghana initiated the program to reduce reliance on foreign currency for gold acquisitions.
Initial net losses under the DGPP were GH¢74.44 million. These losses escalated to GH¢1.372 billion and ultimately reached GH¢5.662 billion as operational difficulties mounted, according to figures presented by the central bank.
governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized the need for a unified national strategy to improve the DGPP and G4R framework while addressing the Public Accounts Committee of Parliament.
Gold-for-Reserves (G4R) Framework and Losses
The Gold-for-Reserves (G4R) framework operates in conjunction with the DGPP, facilitating the exchange of gold for foreign reserves. The Bank of Ghana’s press release details the program’s objectives and operational structure.
The combined losses from both the DGPP and G4R totaled GH¢7.1 billion over several reporting periods. Dr. Asiama appeared before Parliament’s Public Accounts Committee to answer questions regarding the program’s design, implementation, and performance.
Such as, the initial phase of the program recorded net losses of GH¢74.44 million, which increased considerably over time due to operational challenges.
Parliamentary Scrutiny and Future Reforms
dr. Asiama addressed concerns raised by lawmakers during his appearance before the Public Accounts Committee. Ghana’s Parliament is actively reviewing the performance of the gold purchase initiatives.
The Governor called for a collaborative national effort to address the issues and strengthen the programmes. The Bank of Ghana is expected to present a comprehensive plan for reform to Parliament in the coming months.
The losses reported represent approximately 2.5% of Ghana’s total foreign exchange reserves as of December 31, 2025, according to Ghana Statistical Service data.