By Magdalene Andoh
The Bank of Ghana (BoG) has released official figures showing that the Domestic Gold Purchase Programme (DGPP), including the Gold-for-Reserves (G4R) component, recorded significant losses between 2022 and 2024, contradicting claims by the NPP Minority Caucus that the programme incurred no losses in previous years.
The disclosure is contained in a January 12, 2026 response by the Bank of Ghana to an RTI request from Asempa FM, signed by Ernest Nii Sowah Ahulu, for the Acting Head of the Financial Markets Department.
According to the BoG’s own data, the programme recorded net losses running into billions of cedis, even as gold purchases and export values increased over the period.
Official BoG Figures on DGPP/G4R Losses
From the table provided by the central bank:
- 2022:
- Total gold value: US$194.43 million
- Net losses: GHS 74.44 million
- 2023:
- Total gold value: US$1.55 billion
- Net G4O losses: GHS 317.69 million
- Net G4R losses: GHS 1.05 billion
- Total losses: GHS 1.37 billion
- 2024:
- Total gold value: US$4.07 billion
- Net G4O losses: GHS 1.82 billion
- Net G4R losses: GHS 3.84 billion
- Total losses: GHS 5.66 billion
Figures for 2025 show gold purchases valued at US$11.4 billion, but loss data for that year is still pending external audit confirmation, according to the BoG.
In total, the Bank notes that aggregate losses for 2022, 2023 and 2024 amount to approximately GHS 7.28 billion, directly contradicting assertions that the programme operated without losses in the past.
What the Losses Cover
The BoG explains that:
- Net G4O losses include losses from gold and oil transactions under the programme.
- Net G4R losses cover losses from artisanal and small-scale mining (ASM) gold and other segments of the Gold-for-Reserves initiative.
The figures cited for 2022–2024 are drawn from final audited accounts, strengthening their credibility.
BoG Defends Programme’s Strategic Role
Despite the losses, the central bank maintains that the DGPP is a strategic policy programme, aimed at promoting currency stability, boosting foreign exchange reserves, and strengthening confidence in the economy.
“The aim of the programme is to increase and diversify the Bank’s foreign exchange reserves and to strengthen confidence in the economy through improved FX reserve buffers,” the BoG stated in its response.
Political Claims Challenged by Official Data
The BoG’s disclosure directly challenges recent claims by the NPP Minority Caucus that the gold programme recorded no losses in earlier years. The central bank’s own figures show otherwise, providing documented evidence that losses were recorded consistently from 2022 through 2024.
The release is expected to intensify public and parliamentary scrutiny of past statements on the programme, while also refocusing debate on how the losses should be interpreted—whether as pure financial costs or as part of a broader macroeconomic stabilisation strategy.
For now, the BoG’s RTI response places verified numbers on the table, shifting the discussion from political claims to documented facts.
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Source:
www.gbcghanaonline.com