IMF Maintains US$214m GoldBod Loss Estimate
By Praisebell Rosemond Larbi
The International Monetary Fund (IMF) has reiterated its assessment that Ghana’s Gold Board (GoldBod) incurred losses of about US$214 million under the domestic gold purchase program, insisting that its position on the matter remains unchanged.
The assessment forms part of the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported program and was again addressed during a press briefing held on Thursday, January 15, 2026. Responding to questions from the media, the IMF’s Director of Communications, Julie Kozack, said the Fund had already provided a detailed explanation of the losses and stood by its findings.
According to Ms. Kozack, while the domestic gold purchase program delivered important macroeconomic benefits for Ghana during a particularly difficult period, it also generated significant quasi-fiscal losses that ultimately represent a cost to the state.
She explained that on the positive side, the program contributed to a build-up of international reserves and helped ease pressure on the foreign exchange market at a time when Ghana faced acute external vulnerabilities. However, she noted that these gains came alongside financial losses linked to the operations of the program.
“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,” Ms. Kozack said. “The report also quantified what we call a quasi-fiscal loss. Quasi-fiscal meaning because it’s not on the fiscal balance sheet, but ultimately it is a fiscal loss. And that loss was US$214 million that the team quantified.”
She explained that the losses arose from a combination of factors, including trading activities, associated fees, and exchange rate movements over the period under review. While the loss is not formally reflected on the government’s fiscal balance sheet, she stressed that it nonetheless constitutes a real financial cost borne by the state.
“The loss stemmed from trading activities, fees, exchange rate movements,” she said, adding that the structure of the program meant the losses were carried outside the formal budget framework.
As a result, the IMF is recommending a series of reforms aimed at preventing similar outcomes in the future. Chief among these is the strengthening of transparency, governance, and risk management frameworks, particularly for operations linked to GoldBod under the domestic gold purchase program.
Ms. Kozack noted that improved oversight and clearer institutional arrangements are essential to ensure that quasi-fiscal operations do not undermine the financial position of the state or the credibility of economic management.
In addition, the Fund is urging the Ghanaian authorities to ensure that such losses are reflected on the government’s budget balance sheet, rather than remaining on the books of the Bank of Ghana. According to the IMF, this approach would enhance fiscal transparency and accountability, while also protecting the central bank’s balance sheet.
“We also 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,” Ms. Kozack said.
The IMF’s comments come amid ongoing public debate in Ghana over the costs and benefits of the domestic gold purchase program and the broader role of state-linked entities in quasi-fiscal operations. The Fund maintains that while such programs can deliver short-term macroeconomic relief, they must be accompanied by strong governance structures and clear fiscal reporting to avoid long-term risks.
Overall, the IMF says addressing the GoldBod losses transparently and strengthening risk management will be critical to safeguarding Ghana’s economic recovery and ensuring the sustainability of reforms under the IMF-supported program.
