$1.7bn Gold Hole: ‘We Can’t Defend This’ – UPSA Dean Demands Full Reckoning

A top finance professor has issued an urgent call for the government and the Bank of Ghana to come clean on whether they accept a staggering $1.7 billion loss from the state’s flagship gold purchase programme, warning that Ghanaians are effectively losing 17 cedis on every cedi of gold sold.

Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra (UPSA), delivered the damning assessment on the Asaase Breakfast Show on Wednesday, describing the reported loss as a “massive financial burden” that demands a full, transparent explanation to the public.

The figure, equivalent to roughly 1.5 percent of the nation’s Gross Domestic Product (GDP), represents the estimated losses racked up by the Domestic Gold Purchase Programme (DGPP) in 2025, according to International Monetary Fund (IMF) reports. The losses mark a sharp escalation from an estimated $400 million in 2024.

But it is the structure of the programme itself that has drawn Prof Boadi’s sharpest criticism. He pointed to a troubling cost-to-revenue split in which the Bank of Ghana (BoG) absorbs heavy operational costs while the Ghana Gold Board (GoldBod) records revenues and surpluses from fees and related charges.

“Should we assess GoldBod’s performance in isolation? Or should the entire DGPP be consolidated when we are determining whether the state actually made or lost money?” he queried.

The professor further revealed that IMF analysis indicates the losses incurred by the BoG are expected to be transferred to GoldBod. He demanded that the government and both institutions disclose exactly when that transfer will take place and what impact it will have on GoldBod’s financial position.

Calls for full disclosure

In a direct appeal to authorities, Prof Boadi called for the publication of all relevant reports to enable Parliament, investors and the public to establish the true costs and benefits of the programme.

He insisted on full disclosure of the underlying transactions – including quantities of gold purchased, purchase prices, sources of the gold, financing arrangements, buyers, selling prices and the timing of sales.

“We should be able to trace where we purchased this gold from. How much?” he said, arguing that such information is necessary to establish how the losses occurred.

He warned that inconsistencies between financial reports could severely undermine public confidence, as different institutions and stakeholders could end up with vastly different pictures of the programme’s performance.

Despite his stinging critique of the programme’s financial handling, Prof Boadi urged the debate to move beyond personalities, calling instead for a balanced evaluation that weighs the losses against the DGPP’s broader macroeconomic benefits, such as boosting national foreign exchange reserves.

He concluded by demanding a clear statement from the BoG or government on the reported $1.7 billion loss, while insisting that GoldBod disclose its financial position after accounting for government support – and that the central bank state definitively when the reported losses would be transferred to GoldBod.