Africa Policy Lens (APL) has called for an immediate forensic investigation into the Ghana Gold Board (GoldBod) following disclosures in the IMF’s August 2026 report that Ghana lost more than $1.7 billion in gold trading under the Domestic Gold Purchase Programme (DGPP).

According to the IMF report, almost all of the losses were linked to purchases of gold doré.

While the losses are recorded on the Bank of Ghana’s books, APL says GOLDBOD’s central role in sourcing and off-take makes it impossible to ignore the Board in any probe.

“GOLDBOD was responsible for sourcing operations in 2025. The draft further relies on sections 2 and 3(2) of the Ghana Gold Board Act in describing the Board as Ghana’s sole gold trader,” APL stated in a release on Wednesday, August 26, 2026.

The IMF identified three main factors leading to the loss namely service and assay fees paid to GoldBod, discounts granted to off-takers/exporters and forex spreads — the gap between the forex bureau rate used to buy gold and the cedi reference rate used by BoG for accounting.

The IMF puts total DGPP costs losses for 2025 at approximately 17% of the value of gold traded.

APL’s review found that GoldBod fees and off-taker discounts accounted for about 1.758 percentage points with the bulk coming from foreign exchange spreads.

“Where significant quantities of artisanal and small-scale mining gold are purchased through a state-backed system with substantial purchasing powers and public financing, any reported losses amounting to approximately 17% of the value of the gold concerned demand an urgent review,” APL said.

APL Raises Key Concerns 

APL argues that the issue goes beyond which institution recorded the loss, hence listing a number of observations as follows:

1. Concentrated powers:  In 2025 GOLDBOD had purchasing authority, tax privileges, state-backed financing, and regulatory powers all in one.

2. ⁠FX exposure: With GOLDBOD positioning itself as a major source of foreign exchange, the costs of generating that FX must be scrutinized.

3. ⁠Cost gap: The IMF projects DGPP costs will fall to 5% in 2026, from 14.5% historically and 11.4% in Q1 2026. APL is asking: what exactly changed to drive that drop?

4. ⁠International benchmark: The World Gold Council cites an illustrative cost of 1.87% based on Ecuador’s model, far below Ghana’s 14.5% in 2025.

“APL’s assessment therefore identifies GOLDBOD’s purchasing and pricing model as an area of significant potential risk within Ghana’s gold-trading architecture,” the think-tank stressed.

6-Point Demands

With GoldBod set to assume fully with costs borne by government, APL is pushing for urgent reforms.

The think-tank demand a “comprehensive review of GOLDBOD’s purchasing and pricing model audit aggregator operations, commissions, premiums, and verify value for money, independent oversight mechanism to monitor pricing, volumes, and provide regular reconciliation to prevent conflicts of interest, a publication of off-taker agreements  including discount rates and commercial justification”. 

“Review of GOLDBOD’s dual role — consider making it primarily a regulator while licensed private firms handle commercial trading to reduce state financial exposure. Separation of mandate clearly distinguish gold bought for strategic reserves from gold bought for FX trading, with separate funding and accounting. Forensic examination now.”

APL warned that failure to act “could expose Ghana to further financial risks in 2026 and beyond”.

The group added that failure to examine the purchasing and pricing model and, in particular, the factors that contributed to the reported 2025 losses could expose Ghana to further financial risks.