The International Monetary Fund (IMF) has reiterated that its assessment that the Ghana Gold Board (GoldBod) incurred losses of approximately US$214 million remains unchanged.
The assessment, outlined in an IMF report and discussed in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme, was addressed at a press briefing on Thursday, January 15, 2026. Responding to questions, IMF Director of Communications Julie Kozack said the Fund had already provided a detailed explanation of the issue.
She noted that while the programme contributed to the buildup of international reserves and helped ease pressure on the foreign exchange market during a difficult period, it also resulted in a government-related loss estimated at about US$214 million. According to her, the losses arose from trading activities, fees, and exchange rate movements.
Julie Kozack explained that although the loss is not formally recorded on the government’s fiscal balance sheet, it ultimately represents a cost to the state.
“On the benefit side, we see a contribution to the buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” she said. “The report also quantified what we call a quasi-fiscal loss—meaning it is not reflected on the fiscal balance sheet, but ultimately it is a fiscal loss. That loss was quantified at $214 million.”
She added that to address these challenges, the IMF has recommended stronger transparency, governance, and risk management, particularly for the GoldBod-linked channel under the domestic gold purchase programme. The Fund also strongly advised that such losses be brought onto the government’s balance sheet rather than remaining on the books of the Bank of Ghana.
As a result, the IMF is urging greater accountability and oversight in GoldBod-related operations and has emphasized the importance of reflecting these losses in the government’s budget to safeguard the financial health of the central bank.
“This is important to ensure that the Bank of Ghana remains well,” she said.
