Accra, January 12, 2026 – The Bank of Ghana (BoG) has disclosed that its strategic Domestic Gold Purchase Programme (DGPP) has incurred significant financial losses totalling billions of Ghana Cedis since its inception in 2021, according to official data released to The Multimedia Group.

In a letter signed by Ernest Nii Sowah Ahulu for the Acting Head of the Financial Markets Department, the central bank provided a detailed breakdown of the programme’s performance, showing escalating annual losses.

The data indicates that net losses from the programme’s various segments surged from GHȼ74.44 million in 2022 to a staggering GHȼ5,662.14 million (approximately GHȼ5.66 billion) in 2024. When losses from Artisanal and Small-Scale Mining (ASM) gold are included, the totals are even higher: GHȼ2,150 million for 2023 and GHȼ4,640 million for 2024.

The DGPP, launched in June 2021, is designed to boost the nation’s foreign exchange reserves by purchasing domestically produced gold. The BoG states the programme aims to “promote currency stability,” “increase and diversify the Bank’s foreign exchange reserves,” and “strengthen confidence in the economy through improved FX reserve buffers.”

The disclosed figures separate losses into two main categories:

· Net G4O Losses: These encompass losses from both gold and oil transactions under the programme.

· Net G4R Losses: These include losses from ASM gold and other segments of the G4R programme.

The table provided shows a rapid scale-up in the volume and value of gold purchased. The total gold quantity rose from 3.47 tonnes valued at $194.43 million in 2022 to 110.99 tonnes valued at $11.399 billion in 2025. However, this expansion was accompanied by a parallel rise in reported losses.

Notably, the figures for the 2025 financial year are marked as pending external audit confirmation. The BoG clarified that the data for 2022 through 2024 are drawn from final audited accounts.

The disclosure is likely to prompt scrutiny from economic analysts and the public, as it quantifies the financial costs associated with a key central bank reserve management strategy during a period of significant economic challenge for the country.

Here is the official letter below: