The Bank of Ghana says it cannot continue to bear further costs of the Gold for Reserves programme and is seeking reimbursement from the Finance Ministry for its losses.
The BoG says it has borne costs and losses for the Gold for Oil and Gold for Reserves programme since previous years.
The Central Bank is seeking burden sharing from other agencies. At the Public Accounts Committee sitting on Monday, January 12, 2026, the Governor, Dr. Johnson Asiama revealed the BoG is engaging government and other agencies capable to burden share the cost.
“We are not in a position to shoulder those costs going forward. We are having a conversation with the Finance Minister to see if they can reimburse us for those costs that were passed unto the Bank of Ghana since 2024 [losses suffered [under Gold 4 Reserves Program],” he said.
“The IMF has not objected to our involvement. Their point is that the inherent cost (for Gold for Oil Reserves) cannot continue to be borne by the Central Bank alone, that is the IMF’s position which we agree with. That is why we are engaging government, we are engaging other government agencies who also have to burden share. And we are asking that Parliament support us in this regard,” he told the Committee.
He further noted that the programme must be sustained going forward and burden sharing is needed to run the module effectively.
“We must do whatever it takes to burden share in terms of the cost and then we must do whatever it takes to sustain this programme going forward because it will help us, it will anchor the programme that we have made and it will sustain the gains going forward.
“What we asked for is some of these areas where we need some burden sharing, it will help us. We believe that you (Parliamnet) will support us,” he added.
The Minority in Parliament has filed a motion demanding urgent bi-partisan probe into the losses made by GoldBod under the Gold for Reserves programme.
On December 29, 2025, the group suggested prosecution of the Bank of Ghana Governor and the GoldBod CEO where negligence is established.
