The Bank of Ghana (BoG) reported a substantial loss of GHS9.05 billion from its Domestic Gold Purchase Programme for the year 2025. This sharp increase in losses compares to GHS5.66 billion in the prior year, 2024. The figures are detailed in the BoG’s recently released 2025 Financial Report.
This significant financial outcome stems from two key initiatives: the Gold for Reserves and the Gold for Oil programmes. Under the Gold for Reserves Programme, doré gold, a raw form of gold, was bought to increase the country's foreign currency reserves. This gold was intended for quick sale, not for profit from price increases or trading. The financial results reflect the prices at which the gold was sold versus the cost of buying it, alongside any interest earned on gold deposits.
In 2025, the BoG purchased 2,914,305 fine ounces of doré gold, a considerable rise from the 1,092,492 fine ounces bought in 2024. The bank also sold 2,895,426 fine ounces in 2025. By the end of 2025, the bank held 9,283 fine ounces of doré gold. The report states the net loss recognised for the year is the difference between the money received from sales and the recorded value of the gold sold. For the Gold for Reserves part alone, interest income from gold deposits amounted to GHS0.047 billion.
The Gold for Oil programme faced its own challenges. Revenue from selling gold for this purpose, after costs, resulted in a net loss of GHS0.544 billion in 2025. This was an improvement from a GHS0.667 billion loss in 2024. However, the oil trading aspect of this programme did generate a net gain of GHS0.341 billion in 2025. In 2024, the oil trading activities had resulted in a net loss of GHS1.155 billion. Overall financial success of the Gold for Oil programme depended on gold price changes, oil market movements, and operational expenses aimed at stabilizing currency and ensuring fuel supply.
The Bank of Ghana discontinued the Gold for Oil Programme in March 2025. This programme was designed to address foreign exchange shortages and energy needs. The significant losses underscore the volatility and risks associated with such commodity-backed initiatives. The financial repercussions of these programmes directly impact the central bank's balance sheet and, by extension, public finances.
These losses are part of a larger financial picture for the Bank of Ghana. Previous reports indicated a total loss of GHS44.5 billion for 2025, with GHS15.6 billion being a prominent figure discussed in public discourse. The GHS9.05 billion loss from the gold purchase programme contributes to this larger deficit.
The implications of these substantial losses will likely be scrutinised by economic analysts, international financial institutions, and the Ghanaian public. Policymakers will need to decide on the future of such commodity trading programmes and explore more sustainable strategies for managing foreign exchange and energy security. The report’s findings will influence discussions around fiscal responsibility and the management of public funds.