Losses under the Bank of Ghana’s Gold-for-Reserves (G4R) programme have climbed to US$214 million within the first nine months of 2025, driven largely by GoldBod-related operational costs and trading shortfalls, according to the International Monetary Fund (IMF).

The revelation is contained in the IMF’s Fifth Review report on Ghana’s three-year Extended Credit Facility (ECF) arrangement, where the Fund identifies the programme as a growing risk to the country’s macroeconomic stabilisation efforts.

The IMF explained that the bulk of the losses originated from the artisanal and small-scale mining (ASM) doré gold transactions component of the programme. These losses were compounded by trading inefficiencies and fees paid to off-takers associated with GoldBod’s operations.

“In 2025 through end-Q3, losses from the artisanal and small-scale (ASM) doré gold transactions component of G4R have reached US$214 million, mostly on trading losses but also on GoldBod off-takers’ fees,” the report noted.

Beyond the immediate financial losses, the IMF warned that the expanding scale of the programme particularly after the establishment of GoldBod poses “significant downside risks” to Ghana’s economic outlook. As the volume of gold purchases and transactions increases, the programme becomes more vulnerable to pricing mismatches, execution gaps, service charges and discounts imposed by off-takers.

Analysts caution that sustained losses could weaken the Bank of Ghana’s balance sheet and undermine confidence in monetary policy, especially if the central bank continues to absorb the financial burden. Such pressures may eventually affect inflation expectations and exchange rate stability.

The IMF also highlighted broader structural concerns, including governance and market distortion risks. A strong state presence as a dominant intermediary in the gold market, the Fund warned, could suppress price discovery, crowd out private sector participation and encourage parallel market activity where official prices diverge from market realities.

The report stressed that as the programme grows more transaction-intensive, transparency, robust reporting and tighter operational controls will be critical to preventing further losses and leakages.

Additionally, the IMF referenced earlier losses under the now-discontinued Gold-for-Oil component of the Domestic Gold Purchase Programme. In 2024 alone, losses amounted to US$128 million, with 30 per cent linked to the sale of US$0.8 billion worth of gold.

The Fund added that the Bank of Ghana’s remaining exposure to the Bulk Oil Storage and Transportation Company (BOST) will be transferred to government as part of an exit strategy approved by the central bank’s board in May 2024.