Ghana Gold Board did not suffer US$1.7bn loss, says economist

Ebo Turkson, an Associate Professor of Development Economics at the University of Ghana, has disputed claims that the Ghana Gold Board (GoldBod) incurred a US$1.7 billion loss. The figure originated from the International Monetary Fund (IMF) in its 2026 Article IV Consultation report on Ghana, which stated that the expansion of the Domestic Gold Purchase Programme in 2025 resulted in losses equivalent to approximately 1.5% of Ghana’s GDP.

Prof Turkson clarified that the reported amount should be attributed to the Bank of Ghana rather than GoldBod. He explained that while GoldBod purchases gold at prices near international market rates, the Bank of Ghana records the value using its own exchange rate for accounting purposes. This discrepancy creates a translation cost borne by the central bank.

The Domestic Gold Purchase Programme was implemented as an economic policy to strengthen Ghana’s reserves and reduce gold smuggling from the artisanal and small-scale mining sector. Turkson argued that GoldBod itself is not operating at a loss and that the program should be evaluated by its wider economic benefits alongside its financial costs.