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Ghana’s gold reserves surge despite $214 million loss controversy

A bold gold-reserve push lifts Ghana’s finances—but can officials explain the missing millions? Critics demand answers as praise and probes collide.

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2 min read
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It is an edited image. In this image we can see a woman standing and smiling. We can also see the currency notes and also the text and on the left and on the right we can see the black color background.

Ghana’s gold reserves surge despite $214 million loss controversy

Ghana’s foreign exchange reserves have seen a notable boost, with key figures being praised for their contributions. However, concerns remain over a reported $214 million loss tied to the country’s gold-reserve strategy. The debate has sparked calls for transparency and even bold suggestions about Ghana’s financial future on the global stage.

The Ghana Gold Board (GoldBod), established in 2025, holds a monopoly on buying and exporting gold from small-scale miners. By late 2025, it had helped accumulate nearly 37 tonnes of gold reserves. Yet, a recent IMF review flagged a $214 million loss, blaming operational costs and trading shortfalls.

Sammy Gyamfi, GoldBod’s CEO, defended the institution’s performance. He argued that GoldBod itself has not incurred losses and remains on track for a surplus. Instead, he linked any trading deficits to broader central bank activities, not the board’s operations. The parliamentary Minority Caucus has pushed for a bipartisan probe into the alleged loss and related claims. Meanwhile, Franklin Cudjoe, president of IMANI Africa, commended Gyamfi, Finance Minister Dr Ato Forson, and Bank of Ghana Governor Dr Ernest Addison as 'true patriots' for strengthening reserves. Cudjoe also noted progress in economic policy under the current government, contrasting it with past schemes like the Gold-for-Oil programme. Dr Forson’s efforts have cut Ghana’s debt from 61% of GDP to 45% in just a year. Despite this, Cudjoe urged clearer accounting for the reported loss. He even proposed that Ghana could eventually lend to the IMF, given its improved financial standing.

The debate over Ghana’s gold-reserve strategy continues, with demands for accountability growing louder. While GoldBod’s role in boosting reserves is recognised, the $214 million loss remains under scrutiny. The outcome of any enquiry could shape future policies and Ghana’s position in international finance.

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