The Bank of Ghana (BoG) has commissioned an external audit of its controversial Gold-for-Oil and Gold-for-Reserves programmes as part of reforms aimed at improving efficiency and reducing financial losses.
BoG Governor Dr. Johnson Asiama disclosed this during an appearance before Parliament’s Public Accounts Committee (PAC), following cumulative losses estimated at about GH¢2.2 billion.
Preliminary figures indicate significant net losses from both programmes over recent years, highlighting the need for independent scrutiny. “There were quite too many issues under the Gold-for-Oil programme that we needed to unearth, and the Board therefore authorised an external audit. We obtained Public Procurement Authority approval about two months ago, and the exercise is currently underway,” he said.
Under the Gold-for-Oil programme, the central bank used gold instead of foreign exchange to procure petroleum products, aiming to ease pressure on the country’s dollar reserves. The scheme accumulated losses over the past three years, with an estimated GH¢74 million in 2022, GH¢317.69 million in 2023, and GH¢1.8 billion in 2024—bringing total losses to roughly GH¢2.2 billion.
The Gold-for-Reserves programme remained profitable in 2022 but slipped into deficit thereafter, posting losses of over GH¢1 billion in 2023 and about GH¢3.8 billion in 2024.
Dr. Asiama emphasized that these figures are provisional and subject to the ongoing audit. He noted that commenting on 2025 performance would be premature, adding that audited financial statements are expected by March.
“It is not simply a question of losses then and now. These schemes were introduced to address specific national problems,” he said, urging a broader assessment of the policy objectives behind the initiatives.
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