Amid the ongoing debate over the purported loss incurred by the Bank of Ghana (BoG) under the Domestic Gold Purchasing Programme (DGPP), the Central Bank has signalled a clear determination to fix the fiscal and operational weaknesses of the programme.
This commitment comes even as it strongly counters claims that the initiative recorded a US$214 million loss.
The central bank, in its latest public statement, dismissed the reported loss as speculative, stressing that its 2025 accounts are still undergoing a statutory external audit. Until that process is completed and audited financial statements are published, the Bank insists that no definitive conclusions can be drawn about losses linked to gold operations.
“The Bank of Ghana is currently undergoing its annual external audit. As such, any figures reported in relation to losses from gold operations in 225 remain speculative,” the statement emphasized.
Despite the rebuttal, the bank acknowledges that the DGPP, while beneficial to Ghana’s macroeconomic stability, comes with costs that must be managed better going forward.
The Bank revealed that its Board has already approved a set of reforms aimed at improving pricing and operational efficiency within the programme, particularly in its downstream operations.
These reforms are scheduled to begin in January 2026 and are aligned with provisions made in the 2026 national budget.
At the core of the changes is a push to make the programme leaner and more sustainable. The Bank plans to reduce intermediation fees, cut inefficiencies, and introduce more competitive but economically sound gold buying prices. The goal, it says, is to ensure that the programme supports both the gold sector and the wider economy without creating unnecessary fiscal strain.
“Recognizing both the macroeconomic benefits and fiscal costs of the DGPP, the Board of the Bank of Ghana recently approved reforms to improve pricing and operational efficiency in the downstream segment of the programme. These reforms will be rolled out beginning January 2026,” the statement announced.
It added, “priorities will include reducing intermediation fees, improving cost-efficiency, and achieving competitive, yet economically sound buying prices, with benefits for both the sector and broader economy.”
These reforms, the Central Bank indicates, will also be backed by full resourcing of GoldBod, the state entity responsible for aggregating gold purchases, to strengthen oversight and operational discipline.
According to the Bank, this will help ensure that the DGPP continues to serve its primary purpose of boosting international reserves and supporting currency stability.
This commitment by the BoG signals that while it rejects premature figures based on unaudited accounts, it is also making it clear that improvements are needed and are already underway.
