GHS15bn BoG losses: The cost of living in Ghana is still high, heads must roll - Ahiagbah

The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagbah, has stated that the cost of living in Ghana remains high despite claims that the Bank of Ghana spent GH¢15.6 billion in efforts to reduce inflation and stabilise the economy.

In a post on social media platform X, Mr. Ahiagbah urged President John Dramani Mahama to take decisive action against officials responsible for economic management, arguing that the benefits of recent macroeconomic interventions are not being felt in households.

“Good morning, President Mahama, according to the NDC, your BoG spent GH¢15.6 billion in 2025 to reduce inflation and stabilize the economy. Yet the stabilise, and the economy remains unstable in our homes. Mr. President, heads must roll,” he wrote.

His comments come amid ongoing public debate over the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP) and its impact on the economy.

The Bank of Ghana has, however, rejected claims that the programme is loss-making. Instead, it insists that what has been widely described as a “loss” should properly be understood as a policy cost rather than a financial loss.

Speaking on TV3’s The Key Points programme on Saturday, May 5, 2026, the Head of Gold Management at the Bank of Ghana, Paul Bleboo, clarified the issue.

He explained that the Domestic Gold Purchase Programme (DGPP), launched in July 2021, was designed to strengthen Ghana’s foreign reserves and improve macroeconomic stability by purchasing gold from small-scale and artisanal miners.

Under the programme, the Bank of Ghana pays miners in cedis at prevailing forex bureau rates, but records the gold on its books using the official exchange rate. This difference between exchange rates creates a valuation gap, which is reflected in accounting as a cost differential.

According to the Bank, this does not represent a commercial loss but rather a structured policy cost linked to its broader economic objectives.

Officials explained that a commercial loss implies poor investment performance, while a policy cost reflects planned expenditure aimed at achieving national economic goals such as reserve accumulation and currency stability.

The Bank maintains that, properly understood, the DGPP cost is part of deliberate policy spending to support macroeconomic stability rather than an operational loss.