加纳"黄金换储备"计划已致央行亏损2.14亿美元

Core Viewpoint - The International Monetary Fund (IMF) has confirmed that Ghana's central bank's "gold for reserves" program has incurred losses amounting to $214 million, which is 0.2% of the country's GDP, primarily due to trading losses and costs associated with the gold purchasing agency [1][2] Group 1: Financial Impact - The losses from the gold trading program are attributed to transaction losses and the costs incurred by the gold purchasing agency [1] - As of September 2025, the gold purchasing agency has not received the expected $279 million from the national budget, leading it to operate mainly as an intermediary for gold procurement services [1] Group 2: Operational Mechanism - The gold purchasing agency acquires unrefined gold from miners at international market prices, sometimes at a premium, but the actual selling price upon export is typically 3%-5% lower than the international market price due to refining, testing, and transportation costs [2] - The central bank is deeply involved in the gold procurement process by integrating commercial bank funds and directly creating base money to purchase gold from the agency [2] Group 3: Strategic Challenges - The program is an extension of the central bank's domestic gold procurement initiative launched in 2021, aimed at enhancing foreign exchange reserves through local gold purchases [2] - The current pricing mechanism flaws expose the central bank to ongoing loss risks, highlighting challenges in fiscal management and institutional design in Ghana's resource monetization efforts [2]