The Bank of Ghana has confirmed significant financial losses under the Domestic Gold Purchase Programme (DGPP), contradicting claims by the NPP Minority Caucus that the initiative incurred no losses since its inception.
In a formal response dated January 12, 2026, to a Right to Information (RTI) request from Asempa FM, the central bank provided audited figures detailing losses from 2022 to 2024, with 2025 data pending external audit confirmation.
According to the Bank’s Financial Markets Department, total net losses under the DGPP—including Gold for Oil (G4O) and Gold for Reserves (G4R) components—amounted to:
- GH₵74.44 million in 2022
- GH₵1.37 billion in 2023
- GH₵5.66 billion in 2024
The figures include losses from artisanal and small-scale mining (ASM) gold purchases, net G4O transactions, and other segments of the G4R programme. The Bank clarified that these numbers are drawn from final audited accounts and reflect the full scope of the programme’s financial performance.
The DGPP was launched in June 2021 as a strategic initiative to stabilize the cedi, diversify foreign exchange reserves, and bolster investor confidence. However, the disclosed losses have raised questions about the programme’s operational efficiency and oversight.
Reacting to the Bank’s disclosure, Goldbod CEO Sammy Gyamfi stated in a Facebook post:
“BoG responds to Asempa FM’s RTI request about DGPP/G4R losses. Provide factual figures that expose the false claim by the NPP Minority Caucus that there were no losses under the program in the past.”
The Bank of Ghana emphasized its commitment to transparency and invited further inquiries for clarification. Meanwhile, stakeholders are calling for a comprehensive review of the programme to ensure fiscal prudence and accountability in future resource-backed initiatives.
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