The Bank of Ghana (BoG) has commissioned an external audit into its controversial Gold‑for‑Oil programme after revealing cumulative losses of approximately GH¢2.2 billion over the 2022–2024 period, underscoring deep economic and policy challenges tied to gold‑backed interventions.
Governor Johnson Pandit Asiama disclosed the decision on Monday during proceedings before Parliament’s Public Accounts Committee (PAC), saying that unresolved transactional issues necessitated an independent probe to ensure transparency and accountability.
“There were quite too many issues under the Gold‑for‑Oil programme that we needed to unearth, and the Board therefore authorised an external audit,” Asiama told the committee.
According to the central bank, the Gold‑for‑Oil scheme, which aimed to leverage Ghana’s gold reserves to purchase petroleum products and reduce reliance on foreign currency for imports, posted escalating net losses: GH¢74 million in 2022, GH¢317.69 million in 2023, and about GH¢1.8 billion in 2024.
Asiama noted that while the data presented is preliminary and subject to independent verification, the scale of losses warranted a full audit authorised by the BoG Board and approved by the Public Procurement Authority. The external audit is currently underway.
Introduced as part of broader efforts to stabilise the cedi and shield the economy from foreign exchange volatility, the gold‑backed initiative sought to reduce pressure on Ghana’s limited dollar reserves by using domestically acquired gold as a barter instrument for oil procurement.
However, critics argue that the programme’s execution exposed the central bank and government finances to commodity price fluctuations, weak risk controls, and exchange‑rate pressures, factors that may have undermined its cost effectiveness.
Asiama also addressed the Gold‑for‑Reserves component of Ghana’s gold purchase initiatives, acknowledging that while it did not record losses in 2022, the segment also experienced financial setbacks in subsequent years.
The Governor affirmed that, unlike the oil‑linked scheme, the reserves programme will continue with structural reforms to improve efficiency rather than be scrapped. Official BoG data shows that the Domestic Gold Purchase Programme (DGPP), which underpins both the Gold‑for‑Oil and Gold‑for‑Reserves operations, recorded net losses rising sharply from GH¢74 million in 2022 to GH¢5.66 billion in 2024. Figures for 2025 remain pending external audit confirmation.
