GoldBod has not made GH₵1.7bn loss – Prof Ebo Turkson

Prof Ebo Turkson, an Associate Professor of Development Economics at the University of Ghana, has refuted claims that the Ghana Gold Board (GoldBod) suffered a US$1.7 billion loss. According to IMF's 2026 Article IV Consultation report on Ghana, the losses amounted to more than US$1.7 billion, equivalent to around 1.5% of Ghana's GDP.

However, Prof Turkson clarified that this figure pertains to the costs incurred by the Bank of Ghana through its Domestic Gold Purchase Programme, and not by GoldBod itself. He explained that the distinction is crucial because GoldBod operates without losses; instead, it purchases gold at near-market prices, while the Bank of Ghana records the value using its own exchange rate for accounting purposes.

This discrepancy leads to a translation cost borne by the central bank. Prof Turkson emphasized that the IMF's reported figure should be viewed as the cost of the gold purchase programme to the Bank of Ghana, rather than a loss incurred by GoldBod. He argued that the debate should not only focus on the cost but also on the economic benefits the programme has delivered.

Notably, GoldBod added nearly 40 tonnes of gold, valued at US$4 billion, to Ghana's reserves in its first year. This accumulation of gold reserves contributed to the appreciation of the cedi in 2025, which, in turn, helped reduce Ghana's debt-to-GDP ratio from 68% to 45% and saved almost GH¢7 billion on external debt servicing. Prof Turkson highlighted that the improved exchange rate also led to a decline in inflation, bringing it down to 9.5% at the end of 2025.

He urged to have a broader perspective when discussing the costs of the Domestic Gold Purchase Programme, emphasizing the importance of considering the programme's benefits in strengthening reserves and enhancing economic resilience.