Ghana has recorded notable macroeconomic improvements under its IMF-supported programme, with the International Monetary Fund commending the country’s progress while cautioning against premature conclusions regarding reported losses from gold-related operations.
On December 17, 2025, Ghana completed the Fifth Review of the IMF Extended Credit Facility (ECF)-supported programme.
According to IMF Country Report No. 25/343, the review acknowledged significant macroeconomic gains and praised the authorities for strong corrective measures taken to realign the programme after policy reform setbacks in 2024.
While the IMF noted that some structural reforms have experienced delays due to their technical complexity, it confirmed that overall macroeconomic conditions have 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 continue to strengthen.
Preliminary data from the Bank of Ghana (BoG) as of mid-December 2025 indicate that international reserves could exceed US$13 billion by the end of the year, a development that has contributed to rising investor and market confidence in the economy.
The IMF review also highlighted financial risks associated with the Domestic Gold Purchase Programme (DGPP). However, these concerns should be viewed within the broader context of the programme’s substantial macroeconomic contributions.
The DGPP has played a key role in bolstering international reserves, supporting currency stability, and enabling access to significant foreign exchange inflows without adding to public debt.
Central to the programme’s effectiveness is the operational role of GOLDBOD, which serves as an aggregator, channelling gold inflows from the small-scale mining sector into the formal economy.
The collaboration between the Bank of Ghana and GOLDBOD has ensured that the DGPP remains firmly anchored in public policy objectives while improving transparency and oversight in gold-based foreign exchange inflows.
The IMF also commended the Bank of Ghana’s newly introduced foreign exchange operations framework, describing it as a critical reform aligned with global best practices.
The framework clearly defines intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency—measures designed to deepen confidence and efficiency in the foreign exchange market. Its effective functioning is closely linked to the stability and operational discipline of GOLDBOD.
Acknowledging both the benefits and fiscal costs of the DGPP, the Board of the Bank of Ghana has approved a set of reforms aimed at improving pricing mechanisms and operational efficiency, particularly in the downstream segment of the programme.
These reforms are scheduled to take effect from January 2026 and are supported by allocations in the 2026 national budget to fully resource GOLDBOD and ensure its long-term sustainability.
Key priorities under the reform agenda include reducing intermediation fees, improving cost efficiency, and achieving competitive but economically sound gold purchasing prices—outcomes expected to benefit the mining sector and the broader economy.
Finally, the Bank of Ghana clarified that it is currently undergoing its annual external audit. As such, any figures circulating regarding losses from gold operations in 2025 remain speculative.
The Bank’s audited financial statements, including full disclosures on gold-related activities, will be published next year in line with statutory requirements.
Overall, the IMF’s assessment underscores Ghana’s improving macroeconomic outlook while reinforcing the importance of measured reforms, transparency, and evidence-based reporting as the country consolidates its recovery.
