Media Outlet Files RTI Request on Alleged $214 Million Gold Programme Loss

A prominent Ghanaian radio programme has formally invoked the country's Right to Information law to demand transparency from the Bank of Ghana (BoG) regarding financial outcomes of the government's Gold-for-Reserve (G4R) programme.

Asempa FM's Ekosiisen show, hosted by Philip Osei Bonsu, filed the RTI request on January 7, 2026, seeking detailed financial data after an International Monetary Fund (IMF) assessment reportedly identified losses exceeding $214 million in the programme's first nine months of 2025. The move escalates public pressure on Ghana's central bank to provide a comprehensive accounting of an initiative at the center of intense national debate.

The formal petition invokes Article 21(f) of Ghana's 1992 Constitution and the Right to Information Act, 2019 (Act 989), legal provisions that establish citizens' rights to access public information held by government institutions.

Ekosiisen's request specifically demands three categories of data from the Bank of Ghana: annual volumes of gold purchased under the programme since inception, total financial value of gold acquisitions each year, and year-by-year profit and loss statements for the entire G4R initiative.

The radio programme noted a significant information gap: while the Bank of Ghana's 2024 Annual Report contains no mention of programme losses, the central bank has not released comprehensive financial reports detailing the G4R initiative's profitability or losses since it began operations.

The information request follows the IMF's Fifth Review Report under Ghana's Extended Credit Facility, which highlighted potential financial shortfalls in the gold programme. According to the assessment, trading losses and elevated off-taker fees contributed to the alleged $214 million loss, representing approximately 0.2% of Ghana's GDP.

The figure has sparked fierce debate between government institutions, opposition politicians, and economic analysts about the true financial impact of Ghana's strategy to purchase domestic gold for foreign reserve accumulation.

The Bank of Ghana has rejected the IMF's loss calculations as speculative, maintaining that the programme has delivered significant macroeconomic benefits despite operational costs.

BoG officials argue that the Gold-for-Reserve initiative has proven instrumental in stabilizing Ghana's currency and strengthening international reserves. According to the central bank, the Ghana Cedi appreciated by 40% in 2025, while gross international reserves expanded to over $13 billion by year's end.

These outcomes, the Bank of Ghana contends, demonstrate the programme's strategic value beyond narrow profit-loss calculations. Currency stability and reserve accumulation serve critical functions in economic management, particularly for developing economies vulnerable to external shocks.

The central bank is currently undergoing its annual external audit. Until audited financial statements become available later in 2026, a definitive assessment of the programme's financial performance remains incomplete.

Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), the entity responsible for implementing gold purchases, has presented sharply contrasting financial data. Gyamfi recently claimed GoldBod generated an income surplus exceeding GH₵960 million in 2025.

Gyamfi argued that even accepting reported Bank of Ghana trading costs as accurate, they represent operational expenses rather than net economic losses when weighed against the $8 billion in foreign exchange mobilized through the programme.

This framing suggests different methodologies for calculating programme success—narrow trading profit versus broader macroeconomic impact, including foreign exchange generation and reserve accumulation.

The information dispute carries significant political weight as Ghana's opposition New Patriotic Party (NPP) accuses the governing National Democratic Congress (NDC) administration of mismanaging a programme the NPP claims to have initiated.

Opposition politicians describe the alleged losses as evidence of poor economic stewardship, while government supporters emphasize positive macroeconomic outcomes, including currency appreciation and reserve growth.

Media-driven transparency efforts like Ekosiisen's RTI request represent democratic accountability mechanisms increasingly important in Ghana's governance landscape, particularly around economic policy with major fiscal implications.

Ghana's Gold-for-Reserve programme reflects broader trends among resource-rich developing nations seeking to leverage natural resources for economic stabilization. Several countries have explored similar strategies to build foreign reserves and reduce currency volatility.

The IMF's involvement through Ghana's Extended Credit Facility places the programme within international financial oversight frameworks. IMF assessments carry weight with investors and credit rating agencies, making transparency around programme performance important beyond domestic politics.

For West Africa's gold-producing nations, Ghana's experience with domestic gold purchases for reserve building offers potential lessons about policy design, implementation challenges, and the balance between commodity market participation and fiscal prudence.

Governance experts note that RTI requests represent important accountability tools in democracies, allowing citizens and media to access government information. Ghana's RTI law, enacted in 2019, has seen increasing use by journalists and civil society organizations seeking official data.

Economic analysts observe that evaluating the Gold-for-Reserve programme requires distinguishing between trading profits, operational costs, and broader macroeconomic benefits. A programme could show operational losses while delivering a positive overall economic impact through currency stabilization and reserve accumulation.

The conflicting narratives from different institutions suggest either methodological differences in financial accounting or incomplete public information about programme operations and outcomes.

Under Ghana's Right to Information Act, the Bank of Ghana must respond to Ekosiisen's request within specified timeframes, either providing the requested information or explaining legal grounds for withholding it.

The central bank's annual external audit results, expected later in 2026, should provide independently verified financial data that may clarify the programme's actual performance.

Political pressure for transparency will likely intensify as opposition parties seek ammunition for criticizing the government's economic management while the administration defends its policies using macroeconomic stability indicators.

The outcome of this transparency push will test Ghana's commitment to information access rights and could establish precedents for public scrutiny of major government economic initiatives. DISCLAIMER: This article is for informational purposes only. Views expressed are those of the author and do not necessarily reflect the official position of The Source News Ghana. Report errors: markossourcegroup@gmail.com