The International Monetary Fund (IMF) has insisted that the Gold Board (GoldBod) made US$214 million losses in its operations.
According to the IMF Director of Communications, Julie Kozack, the GoldBod’s $214 million loss stemmed from trading activities, fees, and exchange rate movements.
Speaking at a press briefing on Thursday, 15th January 2026, IMF Director of Communications Julie Kozack stated, “The loss stemmed from trading activities, fees, and exchange rate movements. While it is not formally recorded on the government’s fiscal balance sheet, it ultimately represents a cost to the state”.
“These steps are critical to ensure the Bank of Ghana remains financially sound,” she concluded,
Julie Kozack stressed the need for clearer reporting and enhanced oversight of the gold purchase programme.
However, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has said any loss under the Gold-for-Reserves (G4R) is not attributable to an eight-month-old GoldBod.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi explained, “That program, any loss under it is not attributable to an eight-month-old GoldBod, neither is it attributable to mismanagement or incompetence by the BoG. Dr Asiamah [BoG boss] is a hero; he and that wonderful team at BoG have not, through mismanagement or incompetence cause any loss”.
“So we are not saying we have not made a loss, but somebody has made a loss through mismanagement. No, that is the policy design, and it is so sad that those under whom the policy was introduced are now feeling ignorant about the policy objects and the policy design,” he added.
Sammy Gyamfi further clarified that the Gold-for-Reserves (G4R) is being run by the Bank of Ghana (BoG).
According to Sammy Gyamfi, the Gold-for-Reserves programme is not an operation designed or owned by GoldBod.
He added, “The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022.
“It is funded by the Bank of Ghana, and it has always sat in the books of the Bank of Ghana in 2022, 2023, and 2024, when the NPP was in power,” he stated.
“So where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?” he questioned.
See the post below:
GoldBod's $214 million loss stemmed from trading activities, fees, and exchange rate movements… – Julie Kozack (IMF Communications Director)#GHOneNews #EIBNetwork #GHOneTV #NewsAlert pic.twitter.com/45d0VM7TiV
— GHOne TV (@ghonetv) January 16, 2026