An IMF report says the Bank of Ghana's 2025 domestic gold-purchase program lost
220 billion cedi (≈$1.9bn), driven mainly by service fees, assay costs and
trading spreads. The government set up GoldBod in 2025 as the sole authorized
buyer for artisanal and small-scale miner gold; GoldBod executed purchases using
central-bank-provided funds as part of an FX reserve accumulation strategy. The
program raised Ghana's international reserves by $3.9bn to $11.9bn at end-2025,
but the related losses expanded the central bank's negative net worth to the
equivalent of 6.7% of GDP, the IMF said.
