The International Monetary Fund (IMF) has reiterated its assessment that the Ghana Gold Board (GoldBod) incurred a loss of approximately $214 million.
In a detailed briefing on January 15, 2026, IMF Director of Communications Julie Kozack defended the Fund’s stance, stating that the assessment remains consistent with the Staff Report for the Fifth Review of Ghana’s IMF-supported program.
While acknowledging the financial loss, Kozack emphasized the positive outcomes of the program, including the strengthening of international reserves and alleviation of foreign exchange market pressures during a challenging economic period.
Kozack further clarified that the loss primarily arose from trading activities, fees, and fluctuations in exchange rates.
Although not formally recorded on Ghana’s fiscal balance sheet, she noted that this quasi-fiscal loss ultimately represents a financial burden on the state.
Despite the loss, she pointed to the program’s success in stabilizing the country’s reserves and easing market stress.
To prevent similar future losses, the IMF called for enhanced transparency, improved governance, and stronger risk management practices, particularly within the domestic gold purchase program linked to GoldBod.
The IMF also strongly recommended that the losses be reflected on the government’s balance sheet instead of being absorbed by the Central Bank.
This, the IMF suggests, would ensure greater accountability and prevent the burden from falling on the Central Bank’s reserves.
