Sale of gold bought between 2023 and 2024 saved Bank of Ghana from a GH¢33 billion loss
Bank of Ghana was saved from a GH¢33 billion loss due to the sale of gold bought between 2023 and 2024. A JoyNews Research revealed that the Bank of Ghana would have closed 2025 with a loss of nearly GH¢33.2 billion - more than double the GH¢15.63 billion it actually reported - but for the sale of refined gold accumulated largely from purchases made in 2023 and 2024 under the central bank's Domestic Gold Purchase Programme (DGPP).
A line-by-line analysis of the Bank's audited 2025 Financial Statements indicated that a single bullion-gold transaction absorbed GH¢17.56 billion of losses for the year through two distinct accounting channels. During 2025, the Bank of Ghana sold roughly 870,000 ounces of refined gold, about 27 tonnes of bullion. The buyers paid roughly US$3.6 billion for it, which translated to about GH¢40 billion in foreign exchange flowing into the country. The difference between what the Bank had paid for the gold and what it received was GH¢9.57 billion, and that went straight onto the income statement as profit. Another GH¢7.99 billion of gains was added into the income statement.
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JoyNews Research is examining the Bank of Ghana's financial statements. The analysis focuses on refined gold transactions made possible by the Domestic Gold Purchase Programme - but what does it all mean?
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