Gideon Boako cites IMF report, questions GoldBod over $1.7bn gold programme losses

Deputy Parliament Finance Committee Member Dr Gideon Boako has raised concerns regarding Ghana's gold program and the Bank of Ghana's financial standing, citing a report from the International Monetary Fund (IMF). According to the IMF, the Domestic Gold Purchase Programme, which aimed to bolster foreign reserves and maintain a stable exchange rate, has instead resulted in an estimated $1.7 billion loss—roughly 1.5% of Ghana's GDP.

This loss, primarily attributed to assay costs, fees paid to GoldBod, and discounts on gold sales to exporters, has now been transferred to the Ghana Gold Board (GoldBod), which must bear the financial burden starting July 2026. Boako queried the financial risks and transparency issues arising from this development. Furthermore, he highlighted the IMF's apprehension over illegal mining activities, which cost Ghana billions in gold exports and severely damage the environment, destroying agricultural land, contaminating water sources, and threatening cocoa production.

The deputy ranking member also pointed out that the Bank of Ghana continues to face significant losses and negative equity due to quasi-fiscal operations and the domestic debt restructuring program. The IMF maintains that resolving the Bank of Ghana’s financial challenges, alongside comprehensive reforms in the energy sector and broader institutional improvements, is crucial for Ghana's long-term economic stability.