The Ghana Gold Board (GoldBod) has asserted that allegations of losses associated with the Gold-for-Reserves (G4R) programme are indicative of policy design flaws rather than operational shortcomings, and the board is taking steps to address the so-called “loss gap.”
This statement follows the CEO’s dismissal of claims that GoldBod incurred losses under the Gold-for-Reserves programme, asserting that the institution concluded 2025 with a robust financial surplus.
He clarified that the alleged loss is a result of a policy defect rather than an operational failure.
In a Frequently Asked Questions document released on Monday, January 5, GoldBod elaborated that while costs incurred under the G4R programme are unavoidable, they are part of a strategic policy aimed at utilizing realistic market incentives for sufficient foreign exchange accumulation.
“While incurring costs under the G4R programme is not ideal, it is unavoidable due to the deliberate policy design,” the board stated, noting that it is collaborating with the Bank of Ghana and the Ministry of Finance to formulate strategies to reduce and ultimately eliminate these costs.
A comprehensive plan for GoldBod’s trading model is currently being finalized and is set to be implemented in 2026. Additionally, the board is working on pricing regulations in partnership with the Ghana National Association of Small-Scale Miners and the Concerned Small-Scale Miners Association, with the goal of establishing a fair, minimal discount rate for local ASM gold purchases.
The finalized regulations will be presented to Parliament shortly.
The board highlighted that these initiatives are intended to ensure the sustainability of the programme, enhance GoldBod’s operations, and address the financial “loss gap” while facilitating the formalization of the small-scale mining sector.
