IMF FLAGS US$214m GOLD LOSS: GHANA’S SHAME IN AN ERA OF RECORD PRICES

Ghana’s gold sector has been thrown into controversy following revelations by the International Monetary Fund (IMF) that Ghana GoldBod recorded losses amounting to US$214 million within just eight months of 2025.
The disclosure, contained in IMF country and programme review reports on Ghana, has triggered outrage among economists, policy analysts, and the general public, raising serious questions about how a nation endowed with gold could lose such a colossal sum from selling a commodity globally recognised as a safe-haven asset.
Gold Has Never Been a Losing Asset
Historically, gold has been one of the most reliable sources of foreign exchange for Ghana. From the Gold Coast era through independence and into the modern mining economy, gold exports have consistently supported Ghana’s balance of payments and foreign reserves.
Globally, the story is the same. Central banks in the United States, China, Russia, and Europe have relied on gold as a store of value and hedge against economic instability. Even during periods of low prices, sovereign gold sales have rarely resulted in losses — let alone during periods of strong global demand.
That is what makes Ghana’s situation extraordinary and alarming.
Losses at a Time of High Global Prices
The IMF report indicates that the losses were incurred across the gold value chain, suggesting systemic failures rather than isolated errors. This comes at a time when international gold prices are trading at historically strong levels, making it virtually impossible to justify losses on market grounds alone.
Analysts argue that such losses can only result from poor pricing arrangements, weak contract management, excessive intermediaries, unfavourable forward sales, or outright governance failures.
“This is not a global problem. This is not a price crash. This is an institutional failure,” a financial analyst told The National Voice.
IMF Red Alert
The IMF has long warned Ghana about quasi-fiscal losses, weak oversight of state-linked institutions, and poor risk management. That the Fund is now flagging massive losses in gold trading — a sector expected to support reserve accumulation — is a major red flag.
At a time when Ghana is under an IMF-supported programme, citizens are being asked to endure higher taxes, reduced public spending, and painful economic reforms. Against this backdrop, the loss of US$214 million from gold sales is seen as indefensible.
Pressure Mounts on GoldBod and BoG
Attention is now firmly on the Chief Executive of GoldBod, Sammy Gyamfi, and the Governor of the Bank of Ghana, Dr. Johnson Asiamah, whose institutions play central roles in gold trading, reserves management, and foreign exchange operations.
Critics insist that losses of this magnitude cannot occur without failures at the highest decision-making levels and are calling for a full-scale investigation.
Ghana’s laws are explicit: public officials whose actions or negligence lead to financial loss to the state must be held accountable.
Calls for Independent Investigation
Economists and civil society groups are demanding an independent, forensic audit into:
Gold pricing and sales arrangements
The role of intermediaries and off-takers
Compliance with international best practices
Governance and oversight failures within GoldBod and allied institutions
Until answers are provided, the credibility of Ghana’s gold management framework remains in question.
A National Embarrassment
For a country blessed with mineral wealth and a long history of gold production, recording losses from gold sales is not just bad economics — it is a national embarrassment.
As Ghana struggles to stabilise its economy, rebuild reserves, and restore investor confidence, many believe the handling of the gold sector must be cleaned up urgently.
Gold built this nation’s economy for over a century.
It must not now become a symbol of waste, incompetence, and lost opportunity.
By Kwabena Adu Koranteng
Business & Financial Analyst | Journalist