Domestic Gold Purchase Programme losses soared to GH¢5.66bn in 2024, says BoG

The Bank of Ghana has disclosed a sharp rise in losses under its Domestic Gold Purchase Programme (DGPP), with figures reaching GH5.66 billion in 2024.

The programme, established in June 2021, aims to strengthen the nation’s currency stability.

Data shared with Asempa FM’s Philip Osei Bonsu, upon a right-to-information (RTI) request, shows that net losses increased from GHS74 million in 2022 to GHS1.37 billion in 2023, before ballooning in 2024.

Net G40 losses, covering gold and oil transactions, and Net G4R losses, covering artisanal and small-scale mining (ASM) gold and other segments, accounted for the increases.

“The DGPP is a strategic programme that promotes currency stability, which is one of the Bank’s reserve buffers,” the Bank stated. Despite the losses, the institution insisted the programme remains a key stabilising tool.

Figures for 2025 indicate 100.6 tonnes of ASM gold and a total of 110.99 tonnes of gold purchased, valued at US$11.4 billion. However, these numbers are pending external audit confirmation, the Bank noted.

Analysts have cautioned that while DGPP supports reserves, the escalating losses underscore the challenges of managing large-scale gold operations alongside other financial instruments. The Bank has invited further queries for clarification.

In the formal petition, Ekosiisen cited Article 21(f) of the 1992 Constitution and the Right to Information Act, 2019 (Act 989), to demand a clear breakdown of the programme’s status.

It noted that while the central bank’s 2024 Annual Report made no mention of losses, the BoG has yet to officially publish a comprehensive report on the profits or losses of the G4R initiative since its inception.

The RTI request specifically asks the Bank of Ghana for:

• Annual Purchase Volumes: The volume of gold purchased for each year of the G4R programme.
• Financial Value: The total value of gold purchased annually since the programme began.
• Profit/Loss Statements: A year-by-year report of all recorded profits or losses.

The host of the show, Philip Osei Bonsu, emphasised that this request is made in the interest of transparency and accountability on behalf of his listeners and the broader public.