The Bank of Ghana has welcomed the outcome of the fifth review of Ghana’s IMF Extended Credit Facility (ECF) programme, saying the assessment confirms strong macroeconomic progress and dismisses claims of losses from gold operations as speculative.
In a statement dated Thursday, December 25, the central bank said the IMF review, concluded on December 17, 2025, commended Ghana for exceeding growth expectations, achieving a faster-than-projected decline in inflation, and steadily rebuilding international reserves.
Provisional data from the Bank of Ghana suggest reserves could exceed US$13 billion by the end of 2025, boosting confidence in the economy.
The IMF report flagged potential financial risks linked to the Domestic Gold Purchase Programme (DGPP), but the Bank of Ghana 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.
The Bank noted that GoldBod’s role as an aggregator has helped channel gold inflows from the small-scale mining sector into the formal market.
The IMF also highlighted a new foreign exchange operations framework introduced by the Bank of Ghana, describing it as a key reform aligned with global best practices. The framework is intended to improve transparency, clarify intervention rules and strengthen confidence in the foreign exchange market.
Addressing reports of alleged gold-related losses, the Bank stressed that its 2025 accounts are still undergoing external audit, warning that any figures circulating in the public domain remain unverified. The Bank said audited financial statements will be published in line with statutory requirements next year.
The central bank added that reforms approved by its Board to improve pricing and efficiency under the gold purchase programme will take effect from January 2026, supported by allocations in the 2026 national budget.
