Entrepreneur and economic policy analyst Senyo K. Hosi says the reported US$214 million loss under Ghana’s Domestic Gold Purchase Programme (DGPP) should not be interpreted as a financial failure but as a necessary policy cost that produced significant macroeconomic gains for the country.
The International Monetary Fund (IMF) recently reported that the Bank of Ghana recorded a US$214 million ‘trading loss’ in operating GOLDBOD — the entity overseeing Ghana’s gold-for-reserves programme.
The loss is attributed largely to the institution’s decision to purchase gold at near world-market prices to discourage smuggling and secure gold for reserves.
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In a statement shared with muypublisher24.com, however, Hosi argues that the intervention must be assessed in terms of its economic value rather than through conventional accounting definitions.
“An accounting loss or financial loss is not an economic loss,” he said, insisting that the programme’s economic outcomes outweighed the cost.
According to Hosi, Ghana’s foreign reserves increased from US$8.98 billion in 2024 to over US$11.12 billion as of October 2025, with projections of about US$13 billion by year’s end — levels the IMF confirms helped Ghana reach its reserve targets earlier than expected.
He also linked the Domestic Gold Purchase Programme (to the appreciation of the Ghana cedi, which strengthened from an average interbank rate of GH¢14.2 per US$1 in 2024 to GH¢12.53 in 2025, as well as year-end appreciation to GH¢11.2, contrary to IMF-budget forecasts of depreciation.
Hosi said the appreciation of the currency resulted in major fiscal relief for the government and consumers.
He cited GH¢6.2 billion saved on external debt servicing; About GH¢6.45 billion saved on Independent Power Producer (IPP) forex payments; and over GH¢60 billion in savings on Ghana’s import bill
He further referred to the IMF statements attributing Ghana’s recent inflation decline — from 24% in 2024 to 6.3% by November 2025 — partly to cedi stability.
Hosi noted that official artisanal and small-scale mining (ASM) gold exports increased from 63.6 metric tonnes in 2024 to 101 metric tonnes in 2025, crediting GOLDBOD’s pricing strategy for reducing smuggling and improving transparency in the gold trade.
Hosi acknowledged the IMF’s flagging of the cost but said the institution’s reporting reflects accounting standards rather than economic impact assessment.
Ghana’s faster-than-expected currency recovery under an IMF programme, he said, is an outlier and demonstrated the effectiveness of local policy decisions combined with favourable global gold prices.
Senyo Hosi, however, urged the Bank of Ghana to work towards narrowing the gap between interbank and parallel market exchange rates to reduce forex-related losses and sustain gains.
He also warned that Ghana must move beyond commodity dependence to ensure long-term economic resilience and maintained that the US$214 million represents a strategic expenditure, not a financial failure.
He argued that the broader economic outcomes, including reserve growth, exchange rate stability, inflation moderation and fiscal savings, justify the cost.