Bank of Ghana Completes 5th IMF Review, Dismisses Gold Loss Claims
The Bank of Ghana (BoG) has completed the fifth review of Ghana’s IMF Extended Credit Facility (ECF) programme and is pushing back against claims of losses from its gold operations, calling them “speculative” as the central bank undergoes its annual external audit.
The BoG’s statement comes after the IMF flagged potential financial risks linked to the Domestic Gold Purchase Programme (DGPP), but the central bank defended the initiative as a strategic policy tool that has strengthened reserves, supported exchange rate stability, and provided access to foreign exchange without contracting new debt.
According to the BoG, the DGPP has delivered significant macroeconomic benefits, with international reserves expected to exceed $13 billion by the end of 2025. The Ghana Gold Board (GoldBod) has played a crucial role in channeling gold inflows from the small-scale mining sector into the formal market.
The IMF review acknowledged Ghana’s improving macroeconomic environment, citing stronger-than-expected GDP growth, declining inflation, and a steady expansion of international reserves. The BoG has approved reforms to improve pricing structures and operational efficiency in the DGPP, set to take effect in January 2026.
The BoG emphasizes that claims of losses are premature and will be clarified once the external audit is complete, with audited financial statements to be published in 2026. The central bank is optimistic about the DGPP’s contribution to Ghana’s economic recovery, citing its role in stabilizing the currency and boosting confidence in the economy.
