The Bank of Ghana headquarters
The Bank of Ghana (BoG) has revealed losses from its Domestic Gold Purchase Programme (DGPP) since it began in June 2021.
Official data released by the BoG shows that total net losses from the programme between 2022 and 2024 are about GH¢7.1 billion. The losses came from two parts of the programme namely; Gold for Oil (G4O) and Gold for Reserves (G4R).
This information was shared in a letter dated January 12, 2026, sent to the Multimedia Group in response to a request for information on the programme’s performance.
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In 2022, the BoG said it recorded GH¢74.44 million in losses under the Gold for Oil programme after buying 3.47 tonnes of gold valued at US$194.43 million.
However, losses increased in 2023, with total net losses of GH¢1.37 billion. This included GH¢317.69 million in Gold for Oil losses and GH¢1.05 billion in Gold for Reserves losses, after buying 37.02 tonnes of gold valued at US$1.55 billion.
In 2024, the BoG noted that total losses increased sharply to GH¢5.66 billion. This included GH¢1.82 billion in G4O losses and GH¢3.84 billion in G4R losses, following 56.47 tonnes of gold purchases valued at US$4.07 billion.
For 2025, the Bank reported buying 110.99 tonnes of gold valued at US$11.4 billion, but the loss figures for the year are still being checked by an external audit.
The Bank also clarified that some losses came from Artisanal and Small-Scale Mining (ASM). ASM-related losses were GH¢74 million in 2022, GH¢2.15 billion in 2023, and GH¢4.84 billion in 2024.
The BoG explained that Gold for Oil losses include transactions involving both gold and oil, while Gold for Reserves losses include ASM gold purchases and other parts of the Gold for Reserves programme.
Despite the losses, the Bank of Ghana= defended the DGPP as a strategy to help the economy.
“The programme seeks to increase and diversify the Bank’s foreign exchange reserves and improve FX reserve buffers in line with our core mandate,” the BoG said.
See the full response below:
MA
