The health of an economy is evaluated through key macroeconomic indicators—namely GDP growth, level of unemployment, inflation rate, exchange rate, interest rate, and trade balance. The success or failure of a government’s economic policies can be ascertained by the performance of these metrics. Most of these indicators performed well in 2025, with two in particular exceeding government targets: the inflation rate fell below the 8% target, and the exchange rate closed the year at GHS 10.4 to $1. Both of these key variables are managed by the Bank of Ghana.
The Bank of Ghana received widespread commendation for reducing the inflation rate and supporting the appreciation of the cedi, an achievement the central bank credited to GoldBod. Foreign exchange inflows from gold trading enabled the central bank to intervene effectively in the forex market. However, the IMF reported that the Bank of Ghana incurred substantial losses from gold trading. In response to this report, the Bank, through social media, spread a narrative that these losses were necessary to stabilize the economy. This assertion implies that trading profits and economic stability are mutually exclusive—a fallacy that should not be entertained.
Revenue is a function of price and quantity sold. In 2025, both gold prices and production volumes experienced dramatic growth. Total gold production reached a record high of almost 6 million ounces (IMF, 2026), with small-scale mining accounting for roughly 3.11 million ounces. The Bank of Ghana purchased and exported essentially all gold produced by small-scale miners, generating revenue of approximately $10.9 billion (IMF, 2026).
The central bank also acquired about 12% of output from large-scale mines. In total, the Central Bank realized $12.7 billion from gold exports in 2025—a massive leap from $1.7 billion in 2023. This jump in export revenue was further driven by a 60% surge in gold prices between December 2024 and December 2025. It is therefore unfathomable that the Bank of Ghana posted a loss of about $1.7 billion amidst such historic price and output growth. This loss points directly to systemic inefficiencies in the gold trading program.
The losses incurred by the Bank of Ghana’s gold trading program result from a combination of fees paid to GoldBod, discounts granted to exporters, and accounting losses driven by exchange rate spreads. As the administrator of the program, GoldBod serves as the primary aggregator and sole buyer of gold from licensed miners, provides official grading and valuation for all precious minerals, and manages exports on behalf of the Bank.
To prevent smuggling, GoldBod buys gold from small-scale miners at world market prices; then, turn around to sell this gold to off-takers (exporters) at a discount, creating an immediate and unnecessary fiscal drain on the Central Bank. Although gold is purchased at higher market-driven forex rates, the Bank of Ghana records these transactions using its lower official cedi reference rate. This creates substantial financial and accounting losses, further exposing the structural flaws in the program’s execution.
The Bank’s losses bear no fundamental connection to the macroeconomic gains achieved in 2025; rather, they stem directly from structural and operational inefficiencies within the gold trading program. It is therefore essential for citizens to demand that the government run an efficient gold trading program, rather than accept the narrative that these losses were an unavoidable price for economic stability.
