A new report has revealed that although Ghana's gross international reserves climbed to $11.9 billion by the end of 2025, the central bank incurred a significant loss of 22 billion cedis ($1.9 billion) that same year. This loss was linked to a special domestic program designed to buy gold from local miners to strengthen the country's financial safety net.
Why the gold program loss happened
The Bank of Ghana launched this program to increase its foreign-exchange reserves. To do this, it provided the money for a government organization called GoldBod.
According to a report from the International Monetary Fund (IMF), the heavy losses were caused by high service fees, costs for testing the gold (assay charges), and trading margins.
The outcome and new changes in reserve value
