How gold saved BoG from a GH¢33 billion blow

Created by Isaac Kofi Agyei Head of Research, JoyNews

By the numbers · Source: KPMG audit, 30 April 2026

Reported 2025 Loss

GH¢0B

→

Without the gold sale

GH¢0B

Selling refined gold last year saved BoG from a loss more than twice as deep.

A two-part gold rescue, worth GH¢17.56 billion

Selling 870,000 ounces of refined gold delivered relief in two ways. One on the income statement, one out of equity reserves.

The bullion sale gain Profit booked from selling 870,000 ounces above their carrying value

+GH¢9.57B

The savings jar payout Years of accumulated paper gains released into profit on disposal

+GH¢7.99B

Total gold relief delivered to the books in 2025 Strip this out and the loss balloons to GH¢33.19 billion

GH¢17.56B

The gold was bought when no-one was watching

While Ghana watched fuel queues, the cedi slide and IMF talks, the central bank was quietly building the stockpile that would do the heavy lifting.

Bought during the cedi crisis years

Global gold prices climbed sharply across these two years. Every dollar of price appreciation went into the BoG savings jar, waiting.

2023

2024

What was bleeding the books underneath

Even with the gold cushion, four big lines did the damage in 2025.

Driver #1

GH¢16.73B

Paying banks to absorb cedis

Interest paid to commercial banks to take excess cedi liquidity out of circulation and keep inflation under control.

▲ Nearly doubled YoY

Driver #2

GH¢9.05B

Other gold programme losses

Trading losses outside the bullion sale. The Gold for Oil scheme was finally wound down in March 2025.

▲ Up 60% YoY

Driver #3

GH¢5.47B

A stronger cedi (yes, really)

The cedi rose from GH¢14.70 to GH¢10.45 per dollar. Great for importers, painful for the Bank's dollar holdings.

▲ Reversal from gain in 2024

Driver #4

GH¢3.29B

A bigger payroll

Personnel costs jumped 44 percent. Headcount grew from 2,368 to 2,672 employees in twelve months.

▲ Up 44% YoY

The cushion that's left for 2026 has shrunk

After this year's drawdown, only a quarter of the gold-gain reserve remains in the savings jar.

GH¢7.99B

Used in 2025

GH¢2.22B

Left for 2026

Fresh gold needs years of price appreciation before it builds up a similar buffer. The same trick will be harder to pull off next year.

The takeaway

Some decisions earn their keep years before anyone realises they mattered. The gold bought yesterday saved the books today.