Economist and businessman Senyo Kwasi Hosi has rejected claims that the US$214 million spent on the Domestic Gold Purchase Programme (DGPP) represents a financial loss to Ghana, describing it instead as a justified policy cost.
“What we know for sure is that the DGPP policy operation through GOLDBOD has cost us USD214mn and possibly counting,” Hosi stated. “But in economic policy terms, we focus on policy benefits and costs and not profits or losses.”
He argued that the discussion must consider outcomes achieved through the programme, particularly Ghana’s foreign exchange recovery and currency stability in 2025.
“Any discussion of the cost of the GOLDBOD intervention must be carried out together with an evaluation of the enormous economic benefit to Ghana,” he said.
Hosi cited the International Monetary Fund’s latest staff report, which credited the scaling up of the DGPP with helping the Bank of Ghana meet its reserve accumulation targets ahead of schedule.
“The IMF stated that the DGPP allowed the BoG to meet its 2028 reserve coverage target in 2025,” he noted, describing the assessment as “a commendation by all standards.”
He concluded that the US$214m outlay cannot reasonably be classified as a loss when measured against its macroeconomic outcomes.
