The Ghana Gold Board (GoldBod) has clarified that reports of losses associated with the Gold-for-Reserves (G4R) programme are the result of deliberate policy design rather than any operational shortcomings by the institution.

The clarification follows recent public commentary on the programme, which the Chief Executive Officer has dismissed, stressing that GoldBod closed the 2025 financial year with a strong surplus.

According to him, what has been described as a loss reflects a structural feature of the policy framework and not a deficit arising from GoldBod’s trading activities.

In a set of frequently asked questions (FAQs) issued on Monday, January 5, GoldBod explained that costs incurred under the G4R programme are unavoidable due to the use of market-based incentives aimed at attracting gold and boosting foreign exchange reserves. The board said these costs were anticipated under the policy’s design.

“Incurring costs under the G4R programme is not desirable but unavoidable due to the intentional policy design,” GoldBod stated, adding that it is working closely with the Bank of Ghana and the Ministry of Finance to introduce measures to reduce, and eventually eliminate, the associated cost gap.

As part of the reforms, GoldBod said it is finalising a comprehensive trading model to be rolled out in 2026. It is also developing new pricing regulations in consultation with small-scale mining associations to establish a fair and minimal discount rate for local gold purchases.

The proposed regulations will be submitted to Parliament, with the board maintaining that the measures will strengthen sustainability, close the so-called “loss gap,” and support the formalisation of the small-scale mining sector.