The Bank of Ghana (BoG) has released official figures showing that Ghana’s Domestic Gold Purchase Programme (DGPP), including its Gold-for-Oil (G4O) and Gold-for-Reserves (G4R) components, recorded significant financial losses between 2022 and 2024, contradicting claims by the NPP Minority Caucus that the programme incurred no losses.In a response dated January 12, 2026, to a Right to Information (RTI) request by Asempa FM, the central bank disclosed that the programme accumulated net losses amounting to GH¢7.1 billion over the three-year period.According to the BoG’s Financial Markets Department, the programme recorded GH¢74.44 million in losses in 2022, GH¢1.37 billion in 2023, and GH¢5.66 billion in 2024.The data shows that in 2022, the DGPP recorded total gold purchases of 3.47 tonnes valued at US$194.43 million, resulting in net Gold-for-Oil losses of GH¢74.44 million.In 2023, total gold purchases increased to 37.02 tonnes valued at US$1.55 billion, but net losses widened significantly, with GH¢317.69 million from Gold-for-Oil transactions and GH¢1.05 billion from Gold-for-Reserves, bringing total losses for the year to GH¢1.37 billion.Losses deepened further in 2024, despite higher volumes. The BoG reported total gold purchases of 56.47 tonnes worth US$4.07 billion, but net losses surged to GH¢1.82 billion under Gold-for-Oil and GH¢3.84 billion under Gold-for-Reserves, resulting in a combined loss of GH¢5.66 billion for the year.The Bank clarified that the figures for 2022 to 2024 are drawn from final audited accounts, while figures for 2025—when gold purchases rose to 110.99 tonnes valued at US$11.4 billion—are still pending external audit confirmation.In its explanation, the BoG stated that net Gold-for-Oil losses include losses from both gold and oil transactions under the programme, while Gold-for-Reserves losses cover transactions involving artisanal and small-scale mining (ASM) gold and other reserve-building activities.The disclosure directly contradicts repeated assertions by the NPP Minority Caucus that the Gold-for-Oil and Gold-for-Reserves initiatives did not result in any financial losses to the state.
