The staggering figures, GHC74.44 million in 2022, GHC1.37 billion in 2023, and GHC5.66 billion in 2024 were laid bare in an official response to a Right to Information (RTI) request submitted by Asempa FM.
The disclosure, contained in a letter signed by Ernest Nii Sowah Ahulu on behalf of the Acting Head of the Financial Markets Department, confirms the severe financial toll of a programme launched in June 2021 to bolster Ghana’s reserves.
This brings the cumulative total for the three-year period (2022-2024) to approximately GHC7.11 billion. The data for 2025, which saw 110.99 tonnes of gold purchased valued at US$11.4 billion, is still pending external audit confirmation.
The BoG clarified the composition of these losses, which are split into two main streams:
- Net G4O Losses: These encompass losses from both gold and oil transactions under the broader programme.
- Net G4R Losses: These include losses from Artisanal and Small-Scale Mining (ASM) gold and other segments of the G4R programme.
The central bank specifically stated that losses attributed to ASM gold alone were significant, amounting to GHC74 million in 2022, GHC2.15 billion in 2023, and GHC4.84 billion in 2024.
Despite the substantial financial losses, the Bank of Ghana defended the DGPP as a “strategic programme” core to its mandate. In the letter, it stated that the programme is designed to “promote currency stability, increase and diversify the Bank’s foreign exchange reserves, and strengthen confidence in the economy through improved FX reserve buffers.”
