Accra, Ghana//-Bank of Ghana (BoG) says the recent claims made by the International Monetary Fund (IMF) in its 5th Review of the Extended Credit Facility (ECF)-supported programme for Ghana on December 17, 2025, are speculative.
According to the central bank, although the IMF review flagged financial risks associated with the Domestic Gold Purchase Programme (DGPP), it is important to place these concerns within the broader context of the programme’s significant macroeconomic contribution.
These were contained in a press release issued in Accra by the Communications Department of the Bank of Ghana on Thursday 25, December 2025.
The DGPP is a policy tool that has helped shore up Ghana’s international reserves, supported currency stability, and enabled access to large volumes of foreign exchange without incurring new debt, it explained.
“The operational role of GOLDBOD as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market.
This collaborative structure between the Bank and GOLDBOD has ensured that the DGPP remains anchored in public policy objectives, the release added.
The new foreign exchange operations framework introduced by the Bank of Ghana was also highlighted in the IMF report as a critical reform.
Designed in line with global best practices, the framework clarifies intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency, all aimed at deepening confidence in FX markets.
The functioning of this framework is closely tied to the stability and efficiency of GOLDBOD’s operations, reinforcing the need for continued oversight and operational discipline.
Recognising both the macroeconomic benefits and fiscal costs of the DGPP, the Board of the Bank of Ghana recently approved reforms to improve pricing and operational efficiency in the downstream segment of the programme, it said.
These reforms, the BoG disclosed, would be rolled out beginning January 2026, in line with budgetary provisions made in the 2026 national budget to fully resource GOLDBOD, ensuring its sustainability as it evolves.
Priorities will include reducing intermediation fees, improving cost-efficiency, and achieving competitive, yet economically sound buying prices, with benefits for both the sector and broader economy.
The Bank of Ghana is currently undergoing its annual external audit. As such, any figures reported in relation to losses from gold operations in 2025 remain speculative, it maintained.
The Bank’s audited financial statements, including all relevant disclosures, will be published next year in accordance with statutory requirements.
Touching on macroeconomic performance, as outlined in IMF Country Report No. 25/343, the review acknowledged the significant macroeconomic progress made and commended the strong measures taken to realign the programme following the policy reform setbacks in 2024.
While some structural reforms have faced delays due to their complexity, the report confirms that the macroeconomic environment has improved markedly.
Real GDP growth has exceeded expectations, inflation has declined faster than projected into the Bank of Ghana’s target range, and international reserves are expanding steadily.
Tentative data from the Bank of Ghana (BoG) as of mid-December 2025 suggest that international reserves could exceed $13 billion by the end of 2025, contributing to rising confidence in the economy.
