IMF Stands by $214m GoldBod Loss, Calls for Stronger Risk Management
Fund urges Ghana to improve transparency and record losses on budget sheet
- IMF confirms GoldBod recorded a $214 million loss
- Losses arose from trading activities, fees, and exchange rate movements
- IMF urges stronger transparency, governance, and that losses be reflected on Ghana’s budget
The International Monetary Fund (IMF) has confirmed its assessment that the Ghana Gold Board (GoldBod) incurred losses of approximately US$214 million, emphasizing the need for stronger governance and risk management reforms.
The findings were detailed in the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported programme.
At a press briefing on Thursday, January 15, 2026, IMF Director of Communications Julie Kozack said the Fund had already addressed the matter in depth.
She noted that while the programme helped build international reserves and eased pressure on Ghana’s foreign exchange market during a challenging period, it also generated a government-related loss of about US$214 million.
“The loss stemmed from trading activities, fees, and exchange rate movements. While it is not formally on the government’s fiscal balance sheet, it ultimately represents a cost to the state,” Ms. Kozack explained.
The IMF is recommending that Ghana strengthen transparency, governance, and risk management, especially for operations linked to the GoldBod under the domestic gold purchase programme.
Additionally, the Fund urges that such quasi-fiscal losses be reflected on the government’s budget rather than remaining on the books of the Bank of Ghana, to ensure financial stability.
“It is important to bring these losses on the balance sheet to maintain the health of the Bank of Ghana,” Ms. Kozack added.
