Goldbod Operations Lead to $214 Million Loss at the Bank Of Ghana
- The Bank of Ghana suffered $214 million in losses because of the Gold Board and the Gold for Reserves programme as of September 2025
- The Gold Board profits accrued at the expense of the Bank of Ghana, sparking financial sustainability concerns from the IMF
- Ghana sold artisanally mined gold at discounts, contributing to significant revenue shortfalls despite global price surges
Bank of Ghana has incurred some losses amounting to $214 million as of September 2025 through the Gold for Reserves programme implemented by the Ghana Gold Board.
The IMF, in its 5th review of Ghana’s ongoing IMF programme, disclosed these losses, which at the current exchange rates, amounted to about GH¢2.43 billion.
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While GoldBod itself has indeed recorded profits, those gains have come at the expense of the central bank, which has absorbed the bulk of the losses generated by the programme.
The IMF warned that this arrangement poses risks to the financial sustainability of the central bank
When the Gold Board was established, its initial business model was to act as the sole buyer and exporter of gold from Ghana’s small-scale mining sector.
It was to be funded by a $279 million revolving fund provided in the 2025 budget. Tbefore
By the end of September 2025, GoldBod had not received the budgeted funds and now operates primarily as an intermediary.
According to the Ministry of Finance, the Board now collects funds for gold purchases conducted on behalf of clients, including the Bank of Ghana, and earns revenue through service fees for assays conducted before export.
In practice, this shift has placed the Bank of Ghana at the centre of GoldBod’s financing.
Data tracked by Joy News using official figures from the Bank of Ghana show that Ghana has historically sold its gold at a discount of 3% to 5% on the international market.
In October 2025, for example, the average world price of gold was $4,054 per ounce, yet Ghana realised about $3,919 per ounce. That represents a shortfall of roughly $135 per ounce, or about 3%.
In practical terms, this means that GoldBod buys gold from miners at $4,054 per ounce and sells it internationally at $3,919 per ounce. That price difference alone generates a loss.
On top of this, the Bank pays GoldBod a 0.5% ad valorem service fee and a 0.258% assay fee.
About the Ghana Gold Board
The Goldbod is one of the top priorities of the Mahama administration.
It is aimed at economic revitalisation and would, among other things, be responsible for the sustainable management and marketing of the country's gold resources.
It would also include formalising the small-scale gold mining sector and providing mining support services for the industry.
The Goldbod has been clamping down on the smuggling of gold and has coordinated multiple arrests.
In April, the government restructured Ghana’s gold trading framework following the passage of the Ghana Gold Board Act (Act 1140), 2025.
The law revoked all licences previously issued by the Precious Minerals Marketing Company and the sector minister, except for those granted to large-scale mining companies.
Foreigners are no longer allowed to partake in the local gold value chain. Foreign nationals may still apply to purchase gold directly from the board.
Ghana Gold Board galamsey fears
The Minority in Parliament accused the government of legitimising illegal small-scale mining by establishing the Goldbod.
Illegal mining takes place at thousands of sites around the country, including the forested regions famous for their cocoa farms, vast gold deposits, and critical waterbodies.
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Illegal mining, also known as galamsey, has been in practice for many years, but prices of gold have risen globally to an all-time high, crossing $4,000 per gram, and have also caused a corresponding surge in illegal mining across Ghana.
Ghana is Africa's largest gold producer and is ranked sixth globally.
US citizen arrested by Goldbod
YEN.com.gh reported that an American and a Moroccan were nabbed by a Goldbod Taskforce for alleged illegal gold trading worth GH¢2.2 million.
Four Ghanaians were also arrested as part of the operation on October 10, 2025.
The foreign suspects have been identified as Smart Philander, an American, and Nina Elfseky, a Moroccan.
Source: YEN.com.gh
