APL raises red flags over GoldBod’s US$1.7 billion gold losses

The Africa Policy Lens (APL) has called for a forensic audit of the Ghana Gold Board (GoldBod) following reports of more than US$1.7 billion in losses under the government’s Domestic Gold Purchase Programme (DGPP). In a statement issued on Wednesday, August 26, 2026, APL said the audit should establish how the losses occurred and whether the state received value for the money spent on gold purchases. The group said the International Monetary Fund’s August 2026 report linked most of the losses to the purchase of gold doré. It noted that although the losses were recorded by the Bank of Ghana, GoldBod played a key role in the gold purchasing process. “The critical issue is not merely the institution on whose balance sheet the losses were recorded,” APL said, “but how those losses arose and the extent to which public funds were exposed,” it added. APL said the IMF report identified service and assay fees, discounts given to off-takers and exporters, and foreign exchange rate differences as the main factors behind the losses. According to the group, the costs linked to gold traded under the DGPP in 2025 were about 17% of the value of the gold. The group further questioned the difference between Ghana’s 14.5% acquisition cost and a 1.87% illustrative purchasing cost framework for artisanal and small-scale gold cited by the World Gold Council. APL is however calling for a detailed review of GoldBod’s purchasing and pricing system. It wants payments to aggregators and buyers, commissions, discounts and other costs to be examined. The group also wants independent monitoring of gold purchases and pricing, as well as the publication of off-taker agreements. It further called for a review of GoldBod’s role as both a regulator and trader. APL said gold bought for strategic reserves should also be treated differently from gold bought for foreign exchange purposes. The group warned that without a clear explanation of the 2025 losses, Ghana could face similar financial risks in 2026 and beyond. ANASource: www.ghanaweb.com
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