The Ghana Gold Board (GoldBod) has firmly denied claims that it has incurred trading losses or transferred any such losses to the Bank of Ghana (BoG), describing the assertions as inaccurate.

In a statement released on Monday, January 6, the board clarified that it cannot be held accountable for losses it has not incurred.

GoldBod explained that the Domestic Gold Purchase Programme (DGPP), which includes the Gold-for-Reserves (G4R) initiative, was introduced by the BoG as a non-profit monetary policy intervention.

The programme is fully funded by the BoG, with all foreign exchange proceeds accruing to the central bank to meet market FX needs and build reserves. Consequently, the financial records of the DGPP have always been maintained on the books of the BoG since its inception in 2022.

The board emphasised that the G4R programme predates the establishment of GoldBod, which is only eight months old. GoldBod stated that the programme has never made a profit since its launch, and any losses recorded in 2025 are a result of the policy design rather than operational mismanagement.

“Any loss arising from the G4R programme in 2025 is neither attributable to the GoldBod nor to any incompetence of the BoG, but rather a product of the design of the policy,” the statement said.

Addressing recent claims linked to the International Monetary Fund (IMF) regarding 2025 G4R losses, GoldBod urged the public to await the completion of a formal audit before drawing any conclusions.

The board highlighted that such an audit would provide an accurate account of the programme’s financial performance and clarify the source of any losses reported.

GoldBod reiterated its commitment to transparency and proper governance of Ghana’s gold trading framework.

It emphasised that the board’s mandate is strategic and regulatory, focused on formalising the artisanal and small-scale mining sector and supporting national reserve-building efforts, rather than generating profits from the DGPP.