'We must fix the issues causing BoG gold losses' - Joe Jackson

The Chief Executive Officer of Dalex Finance, Joe Jackson, has described the situation as troubling, questioning the rationale behind persistent losses from gold transactions.

Speaking on The Key Points on TV3 Ghana on Saturday, May 2, 2026, he expressed concern about the inability of gold trading activities to yield positive returns.

“The gold losses are problematic because the trading losses are really hard; sometimes it is difficult for us to understand… There are still some problems. How do we go trading in gold and be making losses? Gold losses are problematic,” he said.

He further stressed the need for immediate corrective measures, warning that the trend raises serious questions about efficiency and accountability in the management of the programme.

“We have got to fix these trading losses. It is hard to explain how you buy gold, sell the gold, and by the time you finish, you are holding a loss. Why are there so much in losses? That is the issue to be addressed,” he added.

His comments come on the back of the Bank of Ghana’s 2025 Financial Report, which showed that the Domestic Gold Purchase Programme recorded a loss of GH¢9.05 billion, up from GH¢5.66 billion in 2024.

The programme, introduced to boost foreign exchange reserves and stabilise the cedi, has contributed to a steady rise in Ghana’s gold holdings and helped cushion the economy during periods of volatility.

However, analysts note that while the policy has supported currency stability and reserve accumulation, it has also exposed the central bank to market risks, including price fluctuations and trading margins that can result in losses.

Government has since announced reforms to improve efficiency in the gold trading value chain, with the Ghana Gold Board expected to take a more central role in managing purchases and sales to reduce losses and enhance returns.

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