The cedi entered 2026 on its strongest footing in nearly two decades, sparking debate over what has driven the currency’s resilience. Some analysts argue that Ghana’s foreign exchange policies, including fiscal discipline and import controls, have been decisive, while others point to the Gold-for-Reserves (G4R) programme managed by the Ghana Gold Board (GoldBod) as a major contributor.
Regardless of the source, the initiative has been credited with significantly strengthening the cedi, which has appreciated sharply against the U.S. dollar over the past year.
Against this backdrop, discussion in recent weeks has centered on claims of substantial losses linked to the G4R programme. According to reports, approximately US$214 million in losses were recorded on certain gold transactions under the programme. The figures, widely circulated in the media, drew scrutiny from policy analysts, civil society groups, and the minority in Parliament, all seeking clarity on the implications for Ghana’s foreign reserves and the cedi’s stability.
GoldBod’s CEO, Sammy Gyamfi, moved to clarify the matter. He insisted that the board itself did not incur any losses. “GoldBod, even though it is not a profit-making institution, has not made any losses,” he said. He explained that the reported deficits were reflected on the Bank of Ghana’s accounts and not GoldBod’s books. According to Mr. Gyamfi, the board recorded more than GH₵960 million in revenue in 2025, while total expenditure remained under GH₵120 million, leaving a surplus estimated between GH₵700 million and GH₵800 million.
Beyond the accounting debate, analysts have raised broader concerns. Some question operational efficiency, highlighting the need to reduce intermediaries and clarify responsibilities between GoldBod, the Bank of Ghana, and licensed buyers. Others emphasize the importance of traceability and auditability to ensure that gold purchases are fully documented and properly sourced. Transparency, they argue, is not merely about public reporting but is also essential to maintain confidence in the programme’s contribution to the cedi.
The consensus among policymakers and observers is that sustaining the cedi’s strength will require continuous reform. Proposed measures include independent audits of transactions, enhanced reporting on counterparties and volumes, and the completion of nationwide traceability systems that track gold from licensed miners to the central bank. Strengthening operational governance, reducing costs, and formalizing the gold trade further are seen as critical steps to ensure that the G4R programme continues to support Ghana’s foreign exchange reserves and the cedi.
Yet questions remain over how GoldBod will deploy its income gains. Will the funds be reinvested to strengthen regulated mining, enhance traceability, or support environmental remediation? Could such allocations also help address the broader impacts of gold sourcing, including pollution and degraded land?
As the country moves deeper into 2026, the Gold-for-Reserves programme remains a central instrument in efforts to stabilize the currency. Its long-term success will hinge on the effective execution of reforms that improve transparency, efficiency, and traceability, all aimed at ensuring that the cedi remains resilient against both domestic pressures and global market volatility.
