Central Bank of the Republic of Guinea publishes 2023 audited accounts with unmodified opinion and monetary gold counterparty uncertainty

The Central Bank of the Republic of Guinea has published the external auditor’s report on its financial statements for the year ended Dec. 31, 2023. KPMG issued an unmodified opinion, concluding that the accounts present fairly, in all material respects, the bank’s assets and financial position under the accounting framework adopted by the central bank. The auditor also drew attention to an uncertainty disclosed in note 5 on monetary gold held with a technical gold-processing provider and the related counterparty risk at the 2023 year-end, while making clear that this did not modify the audit opinion. The accounts show total assets of GNF 41,248.58 billion and a net loss of GNF 871.63 billion for 2023, compared with a profit of GNF 417.20 billion in 2022. The loss reflected GNF 869.84 billion in net asset impairment charges and a negative exceptional result linked mainly to the sale of 11 tonnes of gold. Net monetary gold and silver stood at GNF 1,780.31 billion after provisions of GNF 1,779.72 billion on gold custodians. The notes state that a provider holding 3.1 tonnes of monetary gold had failed to return the deposit since January 2022. A Paris International Chamber of Commerce award in September 2024 was favorable to the bank, but recovery proceedings remain underway, and the bank maintained a GNF 888.51 billion provision equal to 50% of the deposit’s fair value at the 2023 close. The report indicates that recovery procedures on the disputed gold deposit are ongoing.