The International Monetary Fund (IMF) has maintained its assessment that Ghana’s Gold Board (GoldBod) incurred losses amounting to about US$214 million, while urging reforms to strengthen transparency, governance and risk management under the domestic gold purchase programme.
The assessment is contained in the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported programme and, according to the Fund, remains unchanged.
Addressing questions at a press briefing on Thursday, the IMF’s Director of Communications, Ms. Julie Kozack, said the Fund had already provided detailed explanations on the matter in its report.
She noted that while the programme contributed to building international reserves and easing pressure on the foreign exchange market during a particularly difficult period for Ghana, it also resulted in what the IMF describes as a government-related loss of about US$214 million.
“On the benefit side, we see a contribution to a buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” Ms. Kozack explained. “At the same time, the report quantified a quasi-fiscal loss of $214 million.”
She clarified that the term “quasi-fiscal” reflects the fact that the loss is not formally recorded on the government’s fiscal balance sheet, but nonetheless represents a cost ultimately borne by the state.
According to the IMF, the losses arose mainly from trading activities, associated fees and exchange rate movements linked to the programme.
Ms. Kozack said the Fund’s key recommendation is to address these weaknesses by strengthening transparency, governance and risk management, particularly for operations connected to the GoldBod under the domestic gold purchase framework.
The IMF is also recommending that such losses be reflected on the government’s budget balance sheet rather than remaining on the books of the Bank of Ghana.
“This is important to ensure that the Bank of Ghana remains well-capitalised and financially sound,” she said.
The Fund stressed that bringing these losses onto the government’s balance sheet would improve accountability and provide a clearer picture of the programme’s full fiscal impact, while safeguarding the central bank’s financial position.
