The Bank of Ghana (BOG) has refuted the IMF’s flagged financial loss of US$214 million under the Domestic Gold Purchase Program (DGPP), following praise for its strong management.

According to the Bank of Ghana, the Bank is the IMF’s reported financial loss of US$214 million under the Domestic Gold Purchase Program (DGPP), following praise for the benefits and fiscal costs of operating the DGPP. The Bank has therefore made reforms that will take effect in 2026 with the aim of resourcing the Ghana Gold Board (GOLDBOD) to improve efficiency.

“Recognizing 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 program.
“These reforms will 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.”
Bank of Ghana

IMF Claims Speculative

The Bank of Ghana, in addressing the ‘speculative’ US$ 214 million loss, equivalent to 0.2 percent of Ghana’s GDP, called for a look at the broader context of the gold purchase program and its significant contribution to the economy.

“Although the IMF review flagged financial risks associated with the Domestic Gold Purchase Program (DGPP), it is important to place these concerns within the broader context of the program’s significant macroeconomic contribution.”
Bank of Ghana

The Bank of Ghana disclosed that the Bank is currently undergoing its annual external audit. Therefore, the Bank insisted that “any figures reported in relation to losses from gold operations in 2025 remain speculative.”

The Bank assured that the audited financial statements, including all relevant disclosures, will be published in 2026 in accordance with statutory requirements.

Ghana’s Macroeconomic Progress and DGPP Contributions

The 5th Review of the IMF ECF-supported program, completed on December 17, 2025, acknowledged the momentous macroeconomic progress made and praised the robust measures the Bank of Ghana has taken to realign the economy to the program after policy reform failures in 2024.

The IMF in the report acknowledged that the BOG has significantly strengthened its reserve buffers and the DGPP “allowed the BOG to meet its program reserve accumulation objectives, reaching the 2028 reserve coverage target in 2025.”

The Fund also mentioned that the Bank of Ghana has managed the Foreign Exchange (FX) market while increasing its footprint. The BOG has taken an increasingly active role as an intermediary in the FX market on the back of stronger Balance of Payment (BOP) inflows.

“The DGPP has been the key source of these inflows, which also included cocoa inflows and repatriation requirements on extractive sector export proceeds.”
Bank of Ghana

The Fund also revealed that the BOG, in November 2025, adopted a comprehensive FX Operations Framework, developed with IMF support, to increase the transparency and predictability of its FX operations.

The Bank of Ghana, however, admitted that “while some structural reforms have faced delays due to their complexity, the report confirms that the macroeconomic environment has improved markedly.”

According to the Bank of Ghana, the 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.

Furthermore, the “tentative data from Bank of Ghana as of mid-December 2025 suggest that international reserves could exceed US$13 billion by end-2025, contributing to rising confidence in the economy.”

GOLDBOD and FX Framework

GOLDBOD’s operational role as an aggregator significantly channels 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,” BOG said.

“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.”
Bank of Ghana

According to the Bank of Ghana, the new FX operations framework introduced was also highlighted in the IMF report as a critical reform. It was designed in line with global best practices, and the framework clarifies intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency, all aimed at deepening confidence in FX markets.

The Bank of Ghana declared that 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.