Professor Alexander Bilson Darku, the Director of Research at the Institute of Economic Affairs (IEA), has rejected the attribution of a GH¢1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme to the Ghana Gold Board (GoldBod).
According to the IEA, the GH¢1.7 billion represents revenue and foreign-exchange valuation differences rather than an actual loss to the institution.
He disclosed that the reported amount comprised service fees, assaying fees and foreign-exchange valuation differences arising from the GoldBod’s purchasing and export operations.
Professor Alexander Bilson Darku argued that the figure included service fees, assaying fees and foreign exchange valuation differences, adding that the Bank of Ghana paid GoldBod service and assaying fees for work done on behalf of the Central Bank, making those payments revenue for GoldBod.
He disclosed that about 90% of the reported GH¢1.7 billion was mainly linked to exchange-rate valuation differences.
The IEA explained that changes between the exchange rate used to buy gold and the rate used to value the proceeds could appear as a loss in the Bank of Ghana’s accounts.
Speaking at the IEA’s assessment of the 2026 mid-year budget review on Wednesday, August 26, 2026, Professor Alexander Bilson Darku stated, “I don’t understand why somebody would call revenue a loss. It is merely a book accounting issue, and not a significant loss to the nation”.
“For the GoldBod, those two components of the loss are from a revenue perspective; it is a cost to the Central Bank who paid them”.
“To the Government, its monetary authority, which is the Central Bank, has made that loss. To the Government, its Gold Board has made that gain,” he said.
The IEA further commended the Government for achieving significant macroeconomic stabilisation, saying, “The IEA thinks that the Government has done well to achieve some reasonable macroeconomic stability, and most of the macro-indicators have moved in the right direction within a relatively short period of time”.
“The question is whether we have the courage to consolidate those gains into lasting economic transformation that includes the lives of every Ghanaian.”
“To achieve this, he called for stronger agricultural investment, employment-led growth, increased local processing of natural resources, reforms to the natural-resource regime, and the transformation of GoldBod from a gold trader into a strategic asset manager.”
Meanwhile, Andrew Egyapa Mercer, a former Sekondi MP, has fumed at what he describes as double standards in Ghanaian politics in the ongoing debate over $1.7 billion losses incurred by the Bank of Ghana (BoG) linked to the Ghana Gold Board (GoldBod).
According to Andrew Egyapa Mercer, it is unfair for political actors to condemn BoG losses under the previous New Patriotic Party (NPP) administration while defending similar losses under the NDC government.
He recounted that under the Akufo-Addo administration, the BoG had been criticised for incurring losses while supporting the economy during the domestic debt exchange programme (DDEP), yet similar actions to support the currency were now being defended.
Speaking on Asempa FM, Andrew Egyapa Mercer stated, “The kind of politics we do in this country gets really disgusting sometimes. So it’s okay today for the Bank of Ghana to make a loss to prop up or stabilise our currency, right? But only three or four years [ago], it was terrible for the Bank of Ghana to incur losses during the domestic debt exchange programme to save the economy of Ghana.”
“Let’s not bastardise it to the point we do when we want power. Because, ultimately, when the shoes get on the other foot, and you become the victim, huge [damaging] press conferences will be the response. Let’s be led by truth”.
Also, Alban Bagbin, the Speaker of Parliament, has revealed that the House will scrutinise the reported US$1.7 billion loss, equivalent to about GH¢22 billion, recorded under the Domestic Gold Purchase Programme (DGPP).
According to Speaker Bagbin, the scrutiny will help determine whether the reported US$1.7 billion represents an actual financial loss or a policy cost.
Speaker Bagbin revealed that a motion received by his office on August 21, 2026, and would be admitted for consideration.
Speaking in parliament, Alban Bagbin stated, “With the motion they have filed, which was received in my office on the 21st of August, 2026, just three days ago, I have gone through the motion myself and I intend to admit the motion because we have to at least have an end to litigation as to whether it’s a loss or it’s a cost”.
“This House will have the opportunity to go through it. And please, Ghanaians are very intelligent people. They will listen, they will read in between the lines and they will make their decisions,” he added.
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