Energy analyst and member of the New Patriotic Party (NPP), Kwadwo Nsafoah Poku, has rejected arguments that the Ghana Gold Board (GoldBod) should be absolved of responsibility for losses associated with the Domestic Gold Purchase Programme (DGPP) simply because the losses are recorded in the books of the Bank of Ghana (BoG).
According to Mr Poku, although the financial losses may ultimately appear on the central bank’s balance sheet, policy decisions and the exchange-rate mechanism used under the gold purchasing programme contributed significantly to the losses.
Mr Poku argued that the focus should not be limited to the institution where the losses are accounted for, but should also examine the decisions and mechanisms that resulted in the losses.
Mr Poku identified the use of a Forex Bureau exchange rate, instead of the Bank of Ghana’s internal exchange rate, as a key factor that created a foreign exchange differential under the programme.
He argued that the exchange-rate mechanism should have been reviewed after the Bank of Ghana’s 2024 financial statements, released in 2025, revealed losses associated with the programme.
Mr Poku questioned why the issue was not addressed earlier, particularly after the government became aware of the financial impact.
He said the fact that the losses were recorded by the Bank of Ghana did not mean GoldBod and the policy framework surrounding the programme had no responsibility for the outcome.
“Nobody is saying that the loss sits in your books, but the person who caused it is you,” Mr Poku said.
He further claimed that the exchange-rate mechanism has since been changed, pointing to the GoldBod website as evidence that the institution now uses the Bank of Ghana’s internal exchange rates rather than other rates.
Mr Poku argued that the earlier losses should have prompted an immediate review of the programme.
He referenced an estimated GH¢2.1 billion loss recorded in 2024 and contended that closer attention to the underlying exchange-rate issue could have prevented the much larger losses now being debated.
His comments come amid growing controversy over reported losses of approximately $1.7 billion, or about GH¢22 billion, associated with Ghana’s gold purchasing operations in 2025.
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