Chamber of Licensed Gold Buyers Refutes IMF's $214 Million Loss Claims on Gold-for-Reserves Program

The Chamber of Licensed Gold Buyers (CLGB) has publicly contested the International Monetary Fund's (IMF) report that suggested a provisional loss of approximately $214 million associated with Ghana's Gold-for-Reserves program. The CLGB clarified that these alleged losses are linked to balance sheet issues of the Bank of Ghana, rather than reflecting any direct operational losses incurred by licensed gold buyers or GoldBod. They attributed the reported figures to timing discrepancies, fluctuations in gold prices, and various operational challenges. The CLGB emphasized that licensed buyers operate within regulated margins when sourcing gold, and called for reforms aimed at enhancing operational transparency and risk management to mitigate future financial discrepancies. GoldBod also rejected the IMF's findings, arguing that the report mischaracterizes the structure of the Gold-for-Reserves program, asserting that the figures mentioned pertain to the Bank's accounting practices rather than actual operational losses.