{
  "id": 18731148,
  "title": "BoG says GH¢17.5bn gold shortfall is a book loss from the cedi's rise",
  "url": "https://urgent.news/2026/11/07/bog-says-gh-17-5bn-gold-shortfall-is-a-book-loss-from-the-cedis-rise",
  "topic": "world",
  "section": "World",
  "published": "2026-11-07T14:41:28.000Z",
  "source": {
    "name": "3News",
    "slug": "3news",
    "url": "https://3news.com/economy/bog-gold-accounting-loss-cedi-rise"
  },
  "original_language": "en",
  "account": "The Bank of Ghana disclosed on November 6 that the 2025 Domestic Gold Purchase Programme resulted in a GH¢17.5 billion accounting loss, caused by the cedi's rise rather than actual outflow of funds. Head of Gold Management Paul Bleboo informed Parliament's Committee on Economy and Development of this figure. Gold was acquired at local market rates, exported, and the dollars were recorded in cedis 10 days later. The Bank's reference rate significantly differed from the rate paid for the gold. Paul Bleboo explained that the cedi appreciated by 40.7% against the US dollar in 2025, causing the accounting loss. He provided an example, stating that buying the gold for GH¢15 per dollar and converting it to cedis at GH¢12 would result in a substantial loss. Bleboo emphasized that this was an accounting loss, not a real loss, and suggested that keeping the proceeds in dollars would have avoided this cost. The Bank's 2025 financial statements show a net loss on gold deals of GH¢9.05 billion, of which GH¢8.85 billion is for reserve gold and GH¢203 million is for oil. The same report recognizes GH¢7.99 billion in realized gains on monetary gold within the reserves line. Additionally, the cedi's rise also reduced the value of foreign assets on the Bank's books, accounting for a separate GH¢19.32 billion loss in other comprehensive income.",
  "summary": "Paul Bleboo told Parliament's economy committee that the 2025 gold programme's biggest reported cost was an exchange-rate gap, not money that left Ghana.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}