Tano North Member of Parliament, Dr. Gideon Boako, has warned that further losses linked to GoldBod could soon appear in the Bank of Ghana’s audited accounts, beyond the $214 million already reported by the International Monetary Fund (IMF).
Speaking in an interview on Thursday, January 8, Dr. Boako noted that the IMF report, dated September 2025, highlighted trading losses from the Gold for Reserve programme and related intermediation activities.
He cautioned that subsequent quarters could see additional losses recorded in the official accounts once the Bank of Ghana’s audit is published.
“The losses are coming from two streams. The $214 million loss is from GoldBod’s trading activities. But there is another leg of the loss that will show up in the BoG’s audited accounts, and it will be higher,” he said.
Dr. Boako explained that the additional losses stem from the Bank of Ghana’s cedi–dollar–gold operations. He criticised the current regime, under which the central bank collects cedis from commercial banks to purchase gold at Bloomberg rates, only to hold the resulting gold at an artificially lower rate, before selling dollars at the Bank’s official rate.
He attributed this new loss to six additional tonnes of gold currently held in the Bank of Ghana vault. “Because the Bank is operating a multiple exchange rate system—a practice the IMF has criticised—it buys the reserve gold at a higher Bloomberg rate but values it in its accounts at about 10 percent lower. This creates exchange losses when the audit is conducted,” he explained.
“The IMF report has stated that this is not sustainable and will continue to cause further losses,” Dr. Boako added.
He concluded that the emerging figures reflect structural policy issues rather than flaws in GoldBod’s operational design. According to Dr. Boako, without adjustments to the exchange rate regime, additional financial strain on the Bank of Ghana and GoldBod is inevitable.
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