The International Monetary Fund (IMF) has maintained its position that the Ghana Gold Board (GoldBod) incurred losses amounting to approximately US$214 million. This finding is detailed in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme.

Speaking at a press briefing on Thursday, January 15, 2026, IMF Director of Communications Julie Kozack said the Fund had already provided a comprehensive explanation of the matter.

She noted that while the programme helped bolster Ghana’s international reserves and eased pressure on the foreign exchange market during a difficult period, it also led to a government-related loss of about US$214 million. The losses, she explained, arose from trading operations, associated fees, and fluctuations in exchange rates. Although these losses are not formally recorded on the government’s fiscal balance sheet, they effectively represent a cost to the state.

“On the positive side, the programme contributed to building up international reserves and reducing stress on the foreign exchange market during a challenging period. However, the report also identified what we refer to as a quasi-fiscal loss — meaning it does not appear on the fiscal balance sheet but is ultimately a fiscal cost. The team quantified this at $214 million,” she said.

Kozack added that the IMF is recommending stronger measures to improve transparency, governance, and risk management, particularly in GoldBod-related operations under the domestic gold purchase programme. She further stressed that these losses should be recorded on the government’s budget rather than remaining on the books of the Bank of Ghana.

“This step is crucial to ensure the continued financial health and stability of the Bank of Ghana,” she noted.