The Ghana Gold Board (GoldBod) has argued that the reported $214 million—or $300 million—loss under the Gold-for-Reserves (G4R) programme in 2025 should not be interpreted as a national setback, but rather as a strategic gain for the country.

In a statement issued on Monday, January 5, the board explained that the Bank of Ghana (BoG), working alongside GoldBod as its aggregator, generated over $10.8 billion in foreign exchange from artisanal and small-scale mining (ASM) gold exports in 2025 alone.

“Even if the cost of the programme is $214 million, the foreign exchange accumulated—over $10 billion—is of immense economic benefit. This is a net gain for Ghana, not a loss,” GoldBod noted, highlighting that the expenditure was part of a deliberate strategy to meet critical external obligations and strengthen reserves.

The board further emphasised that had the country borrowed $10.8 billion to meet similar external obligations, interest and transaction fees would have amounted to approximately $1 billion, far exceeding the reported cost of $214 million cited by the IMF or $300 million by other commentators.

GoldBod concluded that the G4R programme’s financial design, rather than operational inefficiency, underpinned the reported cost, and stressed that such strategic investments are essential for stabilising the economy and ensuring Ghana meets its international obligations efficiently.