The Bank of Ghana has launched an external audit of the Gold for Oil programme from 2022 to 2024, Governor Dr. Johnson Asiama announced.
This move stems from cumulative losses totalling about GH¢2.2 billion over the period. The programme posted a net loss of GH¢74 million in 2022, which ballooned to GH¢317.69 million in 2023 and GH¢1.8 billion in 2024.
Dr. Asiama shared these details yesterday while appearing before Parliament’s Public Accounts Committee (PAC) to discuss the Auditor-General’s report on the central bank’s foreign exchange activities. “There were too many issues under the Gold for Oil Programme that we need to unearth,” he told the committee. “The board authorised an external audit, and with Public Procurement Authority approval obtained two months ago, the exercise is now underway.”
He also highlighted losses in the related Gold for Reserves Programme, which broke even in 2022 but suffered GH¢1 billion in losses in 2023 and GH¢3.8 billion in 2024. Dr. Asiama cautioned that all figures remain preliminary pending the audit, and it would be too early to assess 2025 performance. The Bank’s full audited financial statements, including 2025 data, will be released by March.
The Gold for Reserves Programme will continue but undergo restructuring for better efficiency, he assured. Dr. Asiama further disclosed past risk-management failures in small-scale gold exports, where consignments often shipped without destination insurance a major vulnerability for Ghana. The Bank has now imposed safeguards, such as requiring full payment upfront or an insurance guarantee before release.
These steps, he said, safeguard national interests and boost accountability, though resolving the issues demands a collective national effort.
Story by:Mercy Addai Turkson #ahotoronline.com