The Bank of Ghana (BoG) has officially released detailed financial data on the Domestic Gold Purchase Programme (DGPP) and its associated Gold-for-Oil (G4O) and Gold-for-Reserves (G4R) transactions, exposing as false claims by the Minority Caucus that the programme recorded no losses in previous years.

The disclosure was made in a letter dated January 12, 2026, signed by Ernest Nii Sowah Ahulu, for the Acting Head of the Financial Markets Department of the Bank of Ghana, in response to a Right to Information (RTI) request submitted by Asempa FM (The Multimedia Group).

The letter was addressed to Mr. Philip Bonsu, Esq.

Background

The RTI request, dated January 7, 2026, sought official data on the performance of the DGPP since its inception in June 2021, including any losses incurred.

This request followed public commentary by the New Patriotic Party Minority Caucus, which claimed that the DGPP and related gold programmes had not recorded losses in the past.

Official BoG Data on DGPP Performance and Losses

According to the Bank of Ghana, the figures below are drawn from final audited accounts for 2022–2024, while 2025 figures are pending external audit confirmation.

2022

ASM Gold Quantity: 0.76 tonnes

Total Gold Quantity: 3.47 tonnes

Total Gold Value: US$194.43 million

Net G4O Losses: GHS 74.44 million

Net G4R Losses: —

Total Net Losses: GHS 74.44 million

2023

ASM Gold Quantity: 24.87 tonnes

Total Gold Quantity: 37.02 tonnes

Total Gold Value: US$1,553.92 million

Net G4O Losses: GHS 317.69 million

Net G4R Losses: GHS 1,054.84 million

Total Net Losses: GHS 1,372.53 million

2024

ASM Gold Quantity: 45.33 tonnes

Total Gold Quantity: 56.47 tonnes

Total Gold Value: US$4,069.89 million

Net G4O Losses: GHS 1,822.57 million

Net G4R Losses: GHS 3,839.57 million

Total Net Losses: GHS 5,662.14 million

2025 (Unaudited)

ASM Gold Quantity: 100.60 tonnes

Total Gold Quantity: 110.99 tonnes

Total Gold Value: US$11,399.00 million

Loss figures: Pending external audit confirmation

Additional Clarifications from BoG

The central bank noted that:

Total losses include ASM-related losses, amounting to:

GHS 74 million in 2022

GHS 2.15 billion in 2023

GHS 4.84 billion in 2024

Net G4O losses arise from both gold and oil transactions under the programme.

Net G4R losses include losses from ASM gold and other segments of the Gold-for-Reserves initiative.

BoG’s Position on the Programme

Despite the losses recorded, the Bank of Ghana emphasised that the DGPP is a strategic intervention aimed at:

Promoting currency stability,

Increasing and diversifying foreign exchange reserves, and

Strengthening confidence in the economy through improved FX reserve buffers.

Claims Contradicted by Official Records

The detailed figures released by the Bank of Ghana clearly demonstrate that the DGPP and its related programmes recorded substantial losses between 2022 and 2024, directly contradicting assertions by the NPP Minority Caucus that the programme operated without losses in the past.

The BoG stated that it remains available to provide further clarification if required, reinforcing its commitment to transparency and accountability in the management of Ghana’s financial and reserve operations.