The International Monetary Fund (IMF) has reaffirmed its assessment that the Bank of Ghana (BoG) incurred losses of approximately US$214 million in relation to operations conducted by the Ghana Gold Board (GoldBod) under the domestic gold purchase program.
The assessment is contained in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme, which was discussed at a press briefing on Thursday, January 15, 2026.
Responding to questions from journalists, the IMF’s Director of Communications, Julie Kozack, said the Fund had already addressed the matter comprehensively and stood by its findings.
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According to her, while the programme contributed positively by boosting Ghana’s international reserves and easing pressure on the foreign exchange market during a difficult economic period, it also generated a significant government-related loss.
Quasi-fiscal loss linked to GolBod
Ms. Kozack explained that the US$214 million loss, described as a quasi-fiscal loss, arose from trading activities, fees, and exchange rate movements associated with the GoldBod-linked operations.
“On the benefit side, we see a contribution to the buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” she stated.
“The report also quantified what we call a quasi-fiscal loss. Quasi-fiscal because it is not captured on the government’s fiscal balance sheet, but ultimately it represents a fiscal cost. That loss was US$214 million.”
She noted that although the loss does not formally appear on the government’s fiscal accounts, it nonetheless represents a cost borne by the state and, therefore, must be treated with the same level of scrutiny as direct budgetary expenditures.
In response to the losses, the IMF is recommending stronger transparency, improved governance, and enhanced risk management, particularly for transactions linked to the GoldBod channel under the domestic gold purchase programme.
The Fund has also urged Ghanaian authorities to bring such losses onto the government’s balance sheet, instead of leaving them on the books of the central bank.
“This is important to ensure that the Bank of Ghana remains well-capitalised and financially sound,” Ms. Kozack stressed.
The IMF believes that formally recognising these losses in the national budget framework will strengthen fiscal discipline, improve accountability, and prevent similar exposures in the future.