Philip Osei Bonsu Files RTI Request on Bank of Ghana’s Gold for Reserve Programme In 2025

The host of Asempa FM’s flagship current affairs programme, Ekosiisen, Philip Osei Bonsu, has formally invoked Ghana’s Right to Information (RTI) law to demand greater transparency from the Bank of Ghana (BoG) over the financial performance of the state’s Gold-for-Reserve (G4R) programme.

The request, dated January 7, 2026, seeks detailed disclosures on the programme’s gold purchases, financial valuation, and profit or loss position since its inception. The move comes amid growing public debate following reports by the International Monetary Fund (IMF) suggesting that the programme may have incurred losses exceeding $214 million within the first nine months of 2025.

In his petition, Mr. Osei Bonsu cited Article 21(f) of the 1992 Constitution and the Right to Information Act, 2019 (Act 989), both of which guarantee citizens access to public information in the interest of transparency and accountability.

He noted that although the Bank of Ghana’s 2024 Annual Report made no reference to losses associated with the G4R initiative, the central bank has yet to publish a comprehensive standalone report detailing the programme’s financial performance.

“There has been no official public disclosure on whether the Gold-for-Reserve programme has recorded profits or losses since its commencement,” Mr. Osei Bonsu stated, adding that such information is essential for informed public discourse.

Specific Information Requested

The RTI request outlines three key areas of disclosure being sought from the Bank of Ghana:

• Annual Purchase Volumes: The quantity of gold purchased under the G4R programme for each year since it began.
• Financial Value: The total monetary value of gold purchases on a year-by-year basis.
• Profit and Loss Statements: Detailed annual records indicating whether the programme recorded profits or losses, and by how much.

According to the broadcaster, the request is being made on behalf of his listeners and the wider Ghanaian public, given the scale of public resources involved and the programme’s strategic importance to the national economy.

IMF Findings and BoG’s Response

The renewed scrutiny follows the IMF’s Fifth Review Report under Ghana’s Extended Credit Facility (ECF) arrangement. The report attributed the alleged $214 million loss, estimated at about 0.2 percent of GDP to trading shortfalls and high off-taker fees associated with gold transactions.

However, the Bank of Ghana has pushed back strongly against these figures, describing them as speculative and based on unaudited data. The central bank has insisted that a full and accurate assessment of the programme’s financial position can only be made after the completion of its ongoing external audit.

Until the audited financial statements are released later this year, the true cost or potential gain of Ghana’s gold-backed monetary strategy remains contested.

Economic Impact Claims

Despite the controversy, the Bank of Ghana maintains that the Gold-for-Reserve programme has played a critical role in stabilising the Ghanaian economy. According to the central bank, the initiative contributed significantly to the 40 percent appreciation of the Ghana Cedi in 2025 and helped boost gross international reserves to over $13 billion by the end of the year.

BoG officials argue that these macroeconomic gains outweigh any short-term trading costs and underscore the strategic value of the programme.

GoldBod Adds New Dimension

The debate has been further complicated by recent comments from Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod). Mr. Gyamfi disclosed that GoldBod recorded an income surplus of more than GH₵960 million in 2025, raising questions about how losses could simultaneously be recorded elsewhere in the gold value chain.

He argued that even if the trading costs attributed to the Bank of Ghana were accurate, they should be viewed as operational expenses rather than a net national loss, especially when weighed against the $8 billion in foreign exchange mobilized through gold transactions during the same period.

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Awaiting Disclosure

As the Bank of Ghana completes its annual audit, attention is now focused on whether it will comply fully with the RTI request and release the requested data. For many observers, the disclosures could play a pivotal role in shaping public confidence in Ghana’s gold-backed economic strategy.

For Mr. Osei Bonsu and his listeners, the objective is clear: ensuring that public institutions remain accountable and transparent in the management of national resources.

Philip Osei Bonsu

Source: myjoyonline