FACT-CHECK: Walewale MP’s claim that Ghana recorded unprecedented gold trading loss in 2025 is False

Researched by Samuel Nii Adjetey

The Member of Parliament for Walewale, Dr. Tiah Abdul-Kabiru Mahama, on the January 3, 2026 edition of Newsfile on JoyNews, made claims about the losses Ghana made under the Domestic Gold Purchase Programme. 

Dr Tiah’s claims come in the wake of public discussions on the US$214 million gold purchase losses reported in the International Monetary Fund’s (IMF) Fifth Review under the Extended Credit Facility arrangement with Ghana. 

“Read the annual report and financial statement of the Bank of Ghana, …I’ll be kind enough to give them the specific page, page 59 of that report. It clearly states the cost,  and that cost has nothing to do with gold for reserves. The cost was associated with the gold for oil program. So this is the first time, unprecedented, that we are making a loss from trading of gold,” he said. 

“The argument that economic losses are okay because it is coming at a cost or at a benefit of some foreign reserves coming in. It is not also entirely true because let me give you the data, before the NPP left office, reserves were over 9 billion,” he added.

This fact-check will verify the following claims:

1. This is the first time Ghana has made a loss in gold trading
2. Reserve was $9 billion  when the NPP left office in 2024

Claim 1: “This is the first time we have made a loss in the trading of gold” 

Fact-check  

To verify this claim, GhanaFact reviewed annual reports of the Bank of Ghana (BoG) and found that the Bank recorded losses for two successive years under the Gold for Reserve (G4R) programme. The total losses of GH¢1,054.84 billion (for 2023) and GH¢3,839.5 billion (for 2024), added up to a total of GH¢4.89 billion.

In response to a Right To Information (RTI) request by a journalist and a lawyer with the Multimedia Group, Philip Osei Bonsu, the BoG provided data on the Performance of the Domestic Gold Purchase Programme from 2022 and some aspects of 2025. 

Performance of the Domestic Gold Purchase Programme

Year	ASM Tones	Total Quantity (Tonnes)	Total Gold value (USM)	Net G4O losses	Net G4R losses (GHSM)	Total (Net G4O+Net G4R) Losses (GHSM)
2022	0.76	3.47	194.43	74.44	–	74.44*
2023	24.87	37.02	1,553.92	317.69	1,054.84	1,372.53*
2024	45.33	56.47	4,069.89	1,822.57	3,839.5	5,662.14*
2025	100.60	110.99	**	**	**	**

Source: Bank of Ghana

Note: 

*Figures for 2022 to 2024 are drawn from final audited accounts and include ASM gold, net G4O transactions and other segments of G4R

**Figures for 2025 are pending external audit confirmation.

Based on the above, the claim that the losses recorded in 2025 under the Domestic Gold Purchase Programme is the first time Ghana is making a loss in the trading of gold is inaccurate.

Verdict

Therefore, the claim is rated false!

Claim 2:

“Before the NPP left office, reserves were over 9 billion dollars”

Fact-check 

According to the 2024 BoG’s Annual report, Gross International Reserves was US$8.98 billion as compared to US$5.92 billion in 2023. 

“Gross International Reserves increased to a stock position of US$8.98 billion at end December 2024, relative to US$5.92 billion in 2023”, the report said. 

The claim that before the NPP left office, reserves were over 9 billion dollars is inaccurate. 

Verdict 

The claim is rated False!

NB: Our team reached out to the MP with our findings but haven’t gotten a response as yet. This report will be updated when we get a response from him.