Dr. Frank Bannor, Development Economist and Senior Research Fellow at IERPP
Development economist and Senior Research Fellow at the Institute of Economic Research and Public Policy (IERPP), Dr. Frank Bannor, has criticised the Bank of Ghana (BoG) and the Ghana Gold Board (GOLDBOD) over what he describes as an unexplained US$214 million loss linked to Ghana’s gold operations.
He made the statement in a Facebook post on Thursday, December 25, 2025, in reaction to a recent Bank of Ghana statement dismissing claims of losses from its gold transactions as “speculative and premature.”
Dr. Bannor questioned the credibility and timing of the central bank’s response, particularly in light of disclosures contained in the International Monetary Fund’s (IMF) Fifth Review Report under the Extended Credit Facility (ECF) programme.
“Whoever issued that statement on behalf of the Bank of Ghana should bow his head in shame,” Dr. Bannor said. He further argued that the central bank’s posture contradicts the contents of the IMF report, which was prepared following engagements with Ghanaian authorities, including the BoG.
He questioned whether the central bank was unaware of the report’s contents prior to its publication.
“Is the BoG saying it was not privy to the IMF Fifth Review Report and what it contains?” he asked. “If the figures being discussed were inaccurate, why didn’t the BoG challenge them during its final engagement with the IMF?”
Dr. Bannor insisted that both the BoG and GOLDBOD owe the Ghanaian public a clear explanation regarding the reported US$214 million loss.
According to him, the amount could have been used to employ over 150,000 trained health workers who remain unemployed, or to clear one year’s salary arrears owed to teachers across the country.
“These are not abstract figures. This is money that could have gone directly into improving livelihoods and strengthening essential public services,” he further wrote.
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