Prof Ebo Turkson Addresses GoldBod’s Financial Status, Sets Record Str

Associate Professor of Development Economics at the University of Ghana, Prof Ebo Turkson, has rejected claims that the Ghana Gold Board (GoldBod) made a US$1.7 billion loss. The figure, cited by the International Monetary Fund (IMF) in its 2026 Article IV Consultation report on Ghana, relates to losses incurred by the Bank of Ghana through its Domestic Gold Purchase Programme.

IMF Report Sparks Confusion Over GoldBod's Financials

According to the IMF, the significant scaling-up of the Domestic Gold Purchase Programme in 2025 resulted in losses of more than US$1.7 billion, equivalent to about 1.5% of Ghana’s GDP. Prof Turkson said the distinction between GoldBod's financials and the Bank of Ghana's losses is crucial in understanding the issue.

“No, GoldBod has not made 1.7 billion losses. It is a cost that has come to the central bank through the gold purchase programme,” Prof Turkson said on JoyNews’ Newsfile on Saturday, August 15.

He explained that GoldBod purchases gold at prices close to international market rates, while the Bank of Ghana records the value of the gold using its own exchange rate for accounting purposes. This difference between the two rates creates a translation cost that is borne by the central bank.

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GoldBod's Financials: A Distinction Worth Making

Prof Turkson argued that the IMF's reported figure should be understood as the cost of the gold purchase programme to the Bank of Ghana, rather than a loss incurred by GoldBod. He said GoldBod itself was not operating at a loss, citing the entity's financial statements.

“In terms of GoldBod appreciation itself, if I read from what their financial statements and others are showing clearly, GoldBod as an entity itself is not running a loss,” Prof Turkson said.

The Economic Benefits of the Gold Purchase Programme

Prof Turkson also highlighted the economic benefits of the Domestic Gold Purchase Programme, including the accumulation of significant gold reserves and support for foreign exchange market interventions. He said the programme helped Ghana accumulate almost 40 tonnes of gold, valued at nearly US$4 billion, in its first year.

“That came with a huge savings to Ghana, almost 7 billion cedis to Ghana, huge savings from that,” Prof Turkson said.

He linked the improved exchange rate to the decline in inflation, saying the appreciation of the cedi helped bring inflation down to 9.5% at the end of 2025. Prof Turkson emphasized that the benefits of the programme should form part of the conversation whenever the cost of the Domestic Gold Purchase Programme is discussed.

Looking Beyond the Reported Loss

Prof Turkson urged Ghanaians to look beyond the reported loss and assess whether the policy intervention has helped strengthen the country's reserves and economic resilience. He said Ghana must therefore consider the programme's benefits in building reserves to sustain the stability needed for the economy to transform quickly.

“I think that we need to look beyond this amount and look at the benefits of the gold purchase programme and also to look at the way forward in Ghana, trying to build reserves to sustain the stability that we need for the resilience that we need for this economy to transform quickly,” Prof Turkson said.

Source: JOY