The Member of Parliament for the Offoase-Ayeribi Constituency, Kojo Oppong Nkrumah, has debunked claims the minority in Parliament is peddling falsehood about the $214 million loss surrounding the Gold for Reserve (G4R) programme.
The minority had indicated that the transactions of gold between the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) resulted in a loss of over $200 million.
According to the MP, the minority only informed Ghanaians what the Minister for Finance, Dr Cassiel Ato Forson and the Governor of the Bank of Ghana (BoG), Dr Johnson Asiamah had told the International Monetary Fund (IMF).
Appearing on the morning show of United Television on Tuesday, January 6, 2026 the Ranking Member on the Economy and Development Committee of Parliament, Kojo Oppong Nkrumah, indicated that the IMF reported to the world and its partners information given to them by the government of Ghana, signed by the Minister for Finance and the BoG Governor.
“They have told IMF that they ran at a loss,” he told the host in Twi, adding “I came with the document, with the signatures of the Finance Minister and the Governor of BoG.
“IMF has published to its board, its shareholders and directors across the world that GoldBod lost $214 million,” he added.
IMF
According to the fifth review report of the IMF on Ghana’s three-year Extended Credit Facility, operational costs from GoldBod alongside trading shortfalls occasioned the losses under the BoG Gold for Reserve (G4R) programme.
The report released on December 17, 2025 flagged the losses as a key downside risk to the country’s broader stabilisation agenda.
Explaining in detail, the report said the shortfalls were largely driven by trading losses incurred under the artisanal and small-scale mining gold transactions component of the programme as well as offtakers linked to GoldBod operations.
“In 2025 through the end of Q3, losses from the artisanal and small-scale (ASM) doré gold transactions component of G4R have reached US$214 million, mostly on trading losses, but also on GoldBod off takers’ fees,” the report stated.
PROBE
The opposition New Patriotic Party’s (NPP) Members of Parliament are bent on pushing for an inquiry into the $214m losses reported by the IMF.
According to the minority, it is not ready to settle the issue in the court of public opinion, but rather before a parliamentary committee of inquiry, where all evidence would have to be produced.
Kojo Oppong Nkrumah yesterday explained that the sole aggregator, Bawa Rock, is purchasing the gold at a higher amount than it is on the international market.
Explaining further, he mentioned that if the international market price is for example GH¢100, the aggregator must buy from the grounds at a lesser price to be able to meet all transactional costs and end at the GH¢100 price.
This, he stated, meant that Ghana attracted additional cost.
GAIN
Meanwhile, the GoldBod has urged the public to interpret the reported $214 million or $300 million loss under the Gold-for-Reserves (G4R) programme in 2025 as a strategic gain for the country, and not as a national setback.
On Monday, January 5, 2026, GoldBod issued a statement and explained that the BoG, working alongside GoldBod as its aggregator, generated over $10.8 billion in foreign exchange from artisanal and small-scale mining (ASM) gold exports in 2025 alone.
“Even if the cost of the programme is $214 million, the foreign exchange accumulated—over $10 billion—is of immense economic benefit. This is a net gain for Ghana, not a loss,” GoldBod noted, highlighting that the expenditure was part of a deliberate strategy to meet critical external obligations and strengthen reserves.
In its argument, the GoldBod stressed that if the country had borrowed $10.8 billion to meet similar external obligations, interest and transaction fees would have amounted to approximately $1 billion.
This $1 billion, the board argued, far exceeds the reported cost of $214 million reported in the IMF report.
0 Comments