Answer: No.

a. The GoldBod has not incurred trading losses and therefore, cannot be said to be transferring losses it has not incurred.

b. The Domestic Gold Purchase Programme (DGPP), under which the Gold for Reserves (G4R) is a component, was introduced by the BoG as a non-profit monetary policy intervention. The DGPP is funded by the BoG.

All Foreign exchange (FX) proceeds under same accrue to the BoG for meeting market FX needs and building reserves. Thus, the financials of the programme have always sat on the books of the BoG since the inception of the programme in 2022.

c. G4R losses predate the 8-month-old GoldBod. In fact, the G4R programme has never at any time since its introduction in 2022 made a profit. Any loss arising from the G4R programme in 2025 is neither attributable to the GoldBod nor mismanagement or incompetence of the BoG, but rather, a product of the design of the policy.

d. In the specific case of the IMF’s claim of 2025 G4R losses, the BoG has urged the public to await the audit of the financials of the programme before any definite pronouncement is made