BoG Confirms GH¢7bn Loss Under Gold-for-Oil Programme (2022–2024)
The Bank of Ghana (BoG) has disclosed that the Domestic Gold Purchase Programme (DGPP), which underpinned the government’s flagship Gold-for-Oil (G4O) policy, recorded losses of more than GH¢7 billion between 2022 and 2024, raising fresh questions about the effectiveness of the initiative.
The revelation is contained in an official letter dated January 12, 2026, addressed to The Multimedia Group, and signed by Ernest Nii Sowah Ahulu, Acting Head of the Financial Markets Department at the Bank of Ghana.
Official figures, not speculation
According to the BoG, the DGPP was introduced in June 2021 as a strategic intervention to promote currency stability, reduce pressure on the US dollar, and strengthen Ghana’s foreign exchange reserves by using domestically purchased gold to support petroleum imports.
However, audited figures from the central bank show that the programme recorded mounting losses as it expanded.
Breakdown of losses
2022
Total gold value: US$194.43 million
Net losses: GH¢74.44 million
2023
Total gold value: US$1.55 billion
Total losses: GH¢1.37 billion
2024
Total gold value: US$4.07 billion
Total losses: GH¢5.66 billion
Cumulatively, losses over the three-year period exceed GH¢7 billion, based on BoG’s own audited data.
Losses rose as programme expanded
The data shows that as gold purchases increased, losses also escalated sharply. Gold acquisition rose from 3.47 tonnes in 2022 to 56.47 tonnes in 2024, yet the programme’s worst financial performance coincided with its most active year.
This trend has raised concerns among analysts, who question why scaling up the programme resulted in higher losses rather than efficiency gains.
What the Bank of Ghana explains
In its letter, the BoG clarifies that:
Net G4O losses include losses from both gold and oil transactions under the programme.
Net G4R (Gold-for-Reserves) losses cover losses from ASM (Artisanal and Small-Scale Mining) gold and other segments of the gold reserve accumulation programme.
The Bank maintains that the DGPP was designed to support currency stability and boost foreign exchange buffers.
Impact on the economy
Despite these objectives, critics argue that the programme’s intended benefits were not evident during the period under review. Between 2022 and 2024:
Fuel prices remained elevated
The cedi continued to depreciate
Cost of living pressures intensified
For many Ghanaians, especially young people, the economic relief promised under Gold-for-Oil did not materialise, while the financial costs are now officially documented.
Calls for accountability
The disclosure has reignited debate over fiscal governance and policy accountability. With GH¢7 billion in losses now confirmed by the central bank itself, questions are being raised about oversight, risk management, and responsibility for the programme’s outcomes.
As discussions continue, the BoG’s figures have added an official and documented dimension to concerns that had previously circulated in public discourse, placing renewed focus on how major economic interventions are designed, implemented, and evaluated.
