By: Franklin ASARE-DONKOH
Oficials of the International Monetary Fund (IMF) has reaffirmed its earlier assessment that Ghana’s Gold Board (GoldBod) incurred losses amounting to approximately US$214 million, insisting that its position on the matter remains unchanged.
Addressing a section of the media at a press briefing on Thursday, January 15, 2026, IMF Director of Communications, Julie Kozack, explained that the Fund had already provided detailed clarification on the issue and stood firmly by its analysis.
According to her, while the GoldBod-linked domestic gold purchase programme delivered important economic benefits, it also resulted in significant quasi-fiscal losses for the state.
“On the benefit side, what we see is a contribution to a buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” Kozack explained.
However, the IMF Director of Communications pointed out that the programme as beneficial as it is also carried financial costs.
“The report also quantified what we call a quasi-fiscal loss, quasi-fiscal meaning it is not on the fiscal balance sheet, but ultimately it is a fiscal loss. And that loss was $214 million that the team quantified,” she explained.
According to her the losses were driven by trading activities, associated fees, and exchange rate movements.
The IMF Director of Communications, further stressed that although these losses are currently not captured in government accounts, they ultimately represent a financial burden on the state.
To address the situation, the IMF has recommended stronger transparency, governance, and risk management measures, particularly for operations linked to the GoldBod under the domestic gold purchase initiative.
Kozack also urged the government to formally recognise such losses on the national fiscal balance sheet rather than leaving them on the books of the Bank of Ghana.
“We strongly recommend that the losses should be brought on balance sheet rather than held on the balance sheet of the Central Bank. This is important to ensure that the Bank of Ghana remains well,” she reiterated.
