The Bank of Ghana (BoG) has dismissed claims of losses from gold operations in 2025, describing them as speculative and premature, as the central bank undergoes its annual external audit.
According to the BoG, its audited financial statements, including all relevant disclosures, will be published next year in line with statutory requirements, cautioning the public against relying on unverified figures currently in circulation.
The clarification comes as the International Monetary Fund (IMF) praised Ghana’s improving macroeconomic performance following the successful completion of the fifth review of the IMF Extended Credit Facility (ECF)-supported programme on December 17, 2025.
In IMF Country Report No. 25/343, the Fund acknowledged significant macroeconomic progress and commended Ghanaian authorities for taking strong corrective measures after policy reform setbacks in 2024.
While some structural reforms have experienced delays due to their complexity, the IMF noted that the overall macroeconomic environment has improved markedly.
The report shows that real GDP growth exceeded expectations, inflation declined faster than projected into the Bank of Ghana’s target range, and international reserves continue to expand steadily. Provisional data from the central bank suggest reserves could exceed US$13 billion by the end of 2025, bolstering confidence in the economy.
The IMF also flagged financial risks associated with the Domestic Gold Purchase Programme (DGPP) but acknowledged its broader contribution to macroeconomic stability. Authorities say the programme has strengthened international reserves, supported currency stability, and enabled access to foreign exchange without increasing public debt.
The operational role of GOLDBOD, acting as an aggregator, was highlighted as critical in channelling gold inflows from the small-scale mining sector into the formal market, ensuring the programme remains aligned with public policy objectives.
Additionally, the IMF praised the new foreign exchange operations framework introduced by the Bank of Ghana, describing it as a key reform aimed at enhancing transparency, clarifying intervention triggers, and strengthening confidence in the foreign exchange market.
To address fiscal and operational concerns linked to the DGPP, the Bank of Ghana’s Board has approved reforms to improve pricing and operational efficiency in the downstream segment of the programme.
These reforms are scheduled to take effect from January 2026, supported by allocations in the 2026 national budget to fully resource GOLDBOD.
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