EGP urges BoG to mitigate losses in gold trading operations

The Economic Governance Platform (EGP) has urged the Bank of Ghana (BoG) to adopt mitigation measures to prevent further losses arising from its gold trading operations.

The call follows an International Monetary Fund (IMF) Staff Report which revealed that the BoG’s losses from artisanal and small-scale doré gold transactions under the programme had reached US$214 million by the end of September 2025, equivalent to GH¢2.43 billion.

According to the EGP, the current policy framework governing gold purchases was originally introduced to discourage gold smuggling.

Speaking to GhanaWeb Business on the sidelines of a Strategic Policy Session on De-risking Ghana’s Gold Trade held on February 3, 2026, EGP Coordinator Abdul Karim Mohammed said it was time for the Ghana Gold Board (GoldBod) to reassess its pricing framework.

He explained that a mutually agreed discount level should be established to protect the interests of both gold sellers and GoldBod, while preventing further financial losses.

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“Now that the necessary structures have been put in place and local gold producers and sellers have developed confidence in GoldBod, we can agree on a discount level that works for both parties so that we do not continue on this path,” he said.

Mohammed welcomed the Bank of Ghana’s plan to detach itself from the direct operations of GoldBod, describing the move as a positive step that would shift financial risk away from the central bank.

He also called for greater private sector involvement in financing and supporting GoldBod.

“We can attract private sector investment because it is the same economy. When reserves are built, they circulate within the economy,” he added.

Watch the interview below:

SP/MA

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