GoldBod Debacle Deepens: Trillions in Losses Feared as Critics Slam Gold-for-Reserves Program
Ghana's Gold-for-Reserve (G4R) programme is at the center of a national debate following an RTI request by Philip Osei Bonsu, citing an IMF report of $214 million in losses. The Bank of Ghana and GoldBod deny the figures, while political factions accuse each other of mismanagement or defend the policy's economic benefits. Experts suggest the losses stem from the Bank of Ghana's exchange rate policies, with further financial revelations expected.
Philip Osei Bonsu, host of Asempa FM's Ekosiisen show, has formally submitted a Right to Information (RTI) request to the Bank of Ghana (BoG), demanding transparency regarding the financial performance of the state's Gold-for-Reserve (G4R) programme. This request, dated January 7, 2026, follows an International Monetary Fund (IMF) assessment that reportedly identified losses exceeding $214 million within the first nine months of 2025. Mr. Osei Bonsu's petition invokes Article 21(f) of the 1992 Constitution and the Right to Information Act, 2019 (Act 989), seeking a detailed breakdown of the programme's status. He highlighted that while the central bank's 2024 Annual Report omitted any mention of losses, the BoG has yet to publish a comprehensive report on the profits or losses of the G4R initiative since its inception. Specifically, the RTI request asks the Bank of Ghana for: annual gold purchase volumes for each year of the G4R programme; the total financial value of gold purchased annually since the programme began; and year-by-year profit/loss statements. Mr. Osei Bonsu underscored that this request is driven by the public interest in transparency and accountability.
The controversy is intensified by a political debate. The Minority in Parliament has accused the Mahama administration of recklessly expanding the G4R programme, attributing the reported US$214 million loss within nine months to what they describe as a major failure in economic governance and oversight. During a press briefing on Thursday, January 8, Deputy Minority Leader Patricia Appiagyei labeled the situation a