The Ghana Gold Board (GoldBod) has stated that claims of losses under the Gold-for-Reserves (G4R) programme reflect policy design rather than operational failure, and the board is implementing measures to close the so-called “loss gap.”
This comes after the CEO rejected claims that GoldBod made losses under the Gold-for-Reserves programme, saying the institution ended 2025 with a strong financial surplus.
He explained that the loss as is being purported is a defect in the policy rather than an operational loss.
In an FAQ issued Monday, January 5, GoldBod explained that while incurring costs under the G4R programme is unavoidable, it is part of a strategic policy to use realistic market incentives for adequate foreign exchange accumulation.
“Incurring costs under the G4R programme is not desirable but unavoidable due to the intentional policy design,” the board said, adding that it is working with the Bank of Ghana and the Ministry of Finance to develop strategies to reduce, and eventually eliminate, these costs.
A blueprint for GoldBod’s trading model is being finalised and will be rolled out in 2026. The board is also developing pricing regulations in consultation with the Ghana National Association of Small-Scale Miners and the Concerned Small-Scale Miners Association, aiming to establish a fair, minimal discount rate for local ASM gold purchases.
The finalised regulations will soon be presented to Parliament.
The board emphasised that these initiatives are designed to ensure the programme’s sustainability, strengthen GoldBod’s operations, and resolve the financial “loss gap” while supporting the formalisation of the small-scale mining sector.
Sammy Gyamfi: No GoldBod losses recorded; we made over GHS960m in 2025
