Ghana’s gold has for centuries symbolised wealth, stability, and economic survival. From the era of the Gold Coast to modern times, the precious metal has financed governments, stabilised currencies, and sustained livelihoods. That is why the revelation by the International Monetary Fund (IMF) that Ghana GoldBod incurred losses of about US$214 million from gold sales within eight months of 2025 has shocked the nation and unsettled the economic community.
This is not just another statistic in an IMF report. It is a story of paradox, policy failure, and troubling questions about how a country blessed with gold could lose money selling it at a time when the world is paying top dollar for the metal.
Gold: A Historical Safe Haven
Historically, gold has never been a liability for nations. Central banks accumulate gold precisely because it retains value during inflation, currency depreciation, wars, and global uncertainty. When global markets shake, gold shines.
For Ghana, gold has consistently been the backbone of export earnings. Even during periods of low prices, gold exports contributed positively to foreign exchange inflows. There is no historical precedent — locally or globally — of a country recording massive losses from gold sales during periods of high global prices.
That is what makes Ghana’s situation deeply disturbing.
IMF Sounds the Alarm
The IMF’s 2025 country and programme review reports on Ghana flagged losses incurred by GoldBod across the gold value chain. IMF assessments are based on data supplied by governments and institutions themselves, subjected to verification and macroeconomic analysis. This makes the finding difficult to dismiss.
The IMF has previously warned Ghana about weak oversight of state-linked institutions, quasi-fiscal activities, and governance lapses. This latest revelation suggests those warnings may have gone unheeded — with costly consequences.
Record Prices, Record Questions
The losses occurred at a time when global gold prices were near historic highs, driven by geopolitical tensions, inflationary pressures, and global economic uncertainty. Under such conditions, gold-producing countries should be reaping windfall gains, not bleeding resources.
Economists argue that losses under these circumstances cannot be attributed to market forces. Instead, they point to:
Poor pricing and hedging strategies
Opaque or unfavourable contracts
Excessive reliance on intermediaries
Weak institutional coordination
Governance and accountability failures
In short, this is not a market failure. It is a systems failure.
Who Bears Responsibility?
Attention has inevitably turned to leadership. The Chief Executive of GoldBod, Sammy Gyamfi, and the Governor of the Bank of Ghana, Dr. Johnson Asiamah, head institutions central to gold trading, reserve accumulation, and foreign exchange management.
Losses of this scale do not occur in isolation. They reflect decisions — or indecisions — taken at the highest levels. Under Ghanaian law, public officials whose actions or negligence result in financial loss to the state can be investigated and prosecuted.
This is why calls for accountability are growing louder.
The Human Cost of a Paper Loss
US$214 million is not an abstract figure. It could have:
Completed critical road networks
Equipped hospitals and schools
Reduced borrowing and debt servicing
Stabilised the cedi and reserves
Instead, the money has vanished through a system meant to protect national wealth.
At a time when Ghanaians are being asked to endure higher taxes, subsidy cuts, and austerity measures under an IMF-supported programme, the revelation feels like a betrayal of public trust.
A Test of Governance
This moment is a defining test for Ghana’s governance framework. Will the state treat the IMF’s finding as a mere footnote, or will it trigger a forensic, independent investigation into how Ghana’s gold is sold and managed?
Transparency is no longer optional. Confidence in Ghana’s economic management depends on clear answers and decisive action.
Beyond GoldBod
The issue goes beyond one institution. It raises broader questions about:
How Ghana manages strategic national resources
Whether state institutions are shielded from political interference
How accountability is enforced at the top
If gold — the safest asset in human history — can be turned into a loss-making venture, then no sector is safe from mismanagement.
A Nation at a Crossroads
Gold built Ghana’s economy long before oil and cocoa took centre stage. It must not now become a symbol of waste and institutional decay.
The US$214 million loss is not just a financial failure. It is a warning — one that Ghana ignores at its peril.
By Kwabena Adu Koranteng
Business & Financial Analyst | Journalist
How Ghana Lost US$214 Million Selling Gold at Record Global Prices
