Bank of Ghana clarifies GH₵17.5bn gold loss stems from cedi appreciation

The Bank of Ghana (BoG) has clarified that a GH₵17.5 billion shortfall reported under the 2025 Domestic Gold Purchase Programme (DGPP) is an accounting loss rather than a physical cash deficit. According to the central bank, the figure represents a book loss primarily driven by the significant appreciation of the Ghana cedi during the period of transaction. The BoG emphasized that the program remains a vital component of the nation's economic strategy, having successfully bolstered national reserves despite the reported accounting variance.

Speaking on the development, Paul Bleboo, the Bank of Ghana’s Head of Gold, explained that the program incurred total costs of approximately $21.89 billion. However, the cedi appreciated by roughly 40% during the transaction cycles, creating a disparity between the purchase price and the valuation at the time of reporting. This exchange-rate movement meant that while the gold retained its intrinsic value, its converted cedi value on the balance sheet reflected a loss. Bleboo noted that other operational costs, including purity adjustments and trading fees, also influenced the final expenditure, though many of these costs were reduced through strategic negotiations.

Despite the accounting loss, the 2025 Domestic Gold Purchase Programme achieved significant milestones for the Ghanaian economy. The initiative generated approximately $10 billion in foreign exchange, providing critical liquidity to the financial system during the year. Furthermore, the central bank successfully added 11 tonnes of gold to the national reserves, strengthening the country’s balance of payments position. Officials maintain that the program continues to provide a stable mechanism for reserve accumulation and currency stabilization, irrespective of the temporary accounting fluctuations caused by the cedi's performance.