Ghana Central Bank Says Gold Loss Is Paper
The Bank of Ghana says its gold-programme loss of about US$1.5 billion came from the cedi's 2025 rise; audited accounts show a US$780 million net loss. The post Ghana Central Bank Says Gold Loss Is Paper appeared first on The Rio Times .
Ghana's central bank informed Parliament that a loss of 17.5 billion Ghanaian cedis (approximately US$1.5 billion) on its gold-buying program is not actual cash exiting the country, but rather an accounting entry, according to reports from the parliamentary hearing. Paul Bleboo, the Bank of Ghana's gold management head, noted during a committee meeting on November 6, 2026, that the cedi's rise in 2025 created this accounting gap.
The question now is how much of this cost is truly real. The bank's audited accounts reveal a separate, net figure for gold transactions. Bleboo explained that gold is purchased locally at the market exchange rate but recorded at the bank's lower rate, calling this "an accounting loss, not a real loss." This loss covers a significant portion of the 2025 program's total cost.
For instance, when gold is bought at roughly GH¢15 per dollar and sold after the cedi depreciates to about GH¢12, it results in a financial discrepancy. The bank's 2025 audited accounts reported a net loss of 9.05 billion cedis ($780 million) from gold deals, with 8.85 billion cedis from Gold for Reserves, the program buying gold to convert it to foreign currency, and an additional 203 million cedis from Gold for Oil, a scheme that ended in March 2025.
In total, Ghana bought 2,914,305 fine ounces of unrefined gold bars and sold 2,895,426 ounces during 2025. The annual report states the gold was sold as quickly as possible, with no intention of holding onto it for price gains. The bank's audited 2025 accounts show a net loss of 9.05 billion cedis ($780 million) on gold transactions.
The larger 17.5 billion cedis ($1.5 billion) figure mentioned during the hearing is considered a "chunk" of the total cost, leaving the complete cost of the program unclear. The exchange-rate cost is also uncertain, with opposition leaders disputing how much of it the public ultimately bears. Further details may emerge from the bank or a parliamentary inquiry.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.