Does Goldbod owe BoG US$214m, or has BoG lost US$214m? A policy and financial risk analysis

Introduction Ghana’s Gold-for-Reserves (G4R) and Domestic Gold Purchase Programme (DGPP) have been celebrated as innovative strategies to strengthen Ghana’s reserves, reduce reliance on foreign exchange borrowing, and curb illicit gold exports. At the heart of these initiatives is the Ghana Gold Board (GoldBod), established in 2025 to support the accumulation of gold reserves by the […]