A gold swap scheme meant to stabilize fuel prices dumped billions in losses. The central bank chief admitted the Gold for Oil program lost about 1.8 billion cedis last year. Persistent financial and operational troubles forced its suspension months later. He revealed these figures during a parliamentary committee hearing focused on public accounts.
The separate Gold for Reserves initiative performed even worse, recording higher losses. That program reportedly lost about 3.8 billion cedis in the same period, following over a billion cedis in losses the previous year. Officials have not suspended this reserve building scheme but aim to improve its efficiency. External audits are now reviewing both programs to pinpoint weaknesses and guide policy.
The Bank of Ghana governor stated that the audits will determine the true financial position. He noted engagement with industry players like GoldBod to strengthen oversight and protect national interests. The bank promised to publish fully audited financial statements by March. After publication, officials will provide a complete accounting for both programs.
The separate Gold for Reserves initiative performed even worse, recording higher losses. That program reportedly lost about 3.8 billion cedis in the same period, following over a billion cedis in losses the previous year. Officials have not suspended this reserve building scheme but aim to improve its efficiency. External audits are now reviewing both programs to pinpoint weaknesses and guide policy.
The Bank of Ghana governor stated that the audits will determine the true financial position. He noted engagement with industry players like GoldBod to strengthen oversight and protect national interests. The bank promised to publish fully audited financial statements by March. After publication, officials will provide a complete accounting for both programs.
