IMF Praises Ghana’s Macroeconomic Gains as Reserves Rise, Gold Loss Claims Dismissed as Speculative
Ghana’s macroeconomic recovery has gained international endorsement, with the International Monetary Fund (IMF) commending the country’s progress under its IMF-supported programme, even as it flagged the need for continued discipline in structural reforms.
Ghana successfully completed the Fifth Review of its IMF Extended Credit Facility (ECF) programme on December 17, 2025, with the IMF acknowledging “significant macroeconomic progress” and praising corrective measures taken after policy setbacks earlier in 2024.
According to IMF Country Report No. 25/343, Ghana’s economic performance has exceeded expectations, with real GDP growth stronger than projected, inflation declining faster than anticipated into the Bank of Ghana’s target range, and international reserves expanding steadily.
Tentative data from the Bank of Ghana indicate that gross international reserves could exceed US$13 billion by the end of 2025, a development that authorities say has strengthened investor confidence and supported currency stability.
The IMF review noted that while some structural reforms have experienced delays due to their complexity, the overall macroeconomic environment has improved markedly, reflecting stronger fiscal and monetary coordination.
Domestic Gold Purchase Programme Under Scrutiny
The IMF raised concerns about financial risks associated with Ghana’s Domestic Gold Purchase Programme (DGPP), but the Bank of Ghana has moved to contextualise those concerns, stressing the programme’s broader macroeconomic benefits.
According to the central bank, the DGPP has played a key role in boosting foreign exchange reserves, stabilising the cedi, and providing access to foreign currency without increasing external debt. The programme relies on GOLDBOD’s role as an aggregator, channeling gold inflows from the small-scale mining sector into the formal system.
The Bank of Ghana emphasised that the collaborative structure between the central bank and GOLDBOD ensures the programme remains anchored in public policy objectives rather than commercial speculation.
In response to recognised fiscal and operational costs, the Bank’s Board has approved reforms to improve pricing and efficiency in the downstream operations of the DGPP. These reforms, set to begin in January 2026, will focus on reducing intermediation fees, improving cost efficiency, and ensuring competitive but sustainable gold buying prices.
The reforms are backed by allocations in the 2026 national budget to fully resource GOLDBOD as it evolves into a more efficient institution.
FX Reforms Boost Market Confidence
The IMF also highlighted Ghana’s new foreign exchange operations framework as a critical reform aligned with global best practices. The framework clearly defines intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency in FX market operations.
The central bank noted that the effectiveness of the FX framework is closely linked to the stability and discipline of GOLDBOD’s operations, reinforcing the need for continued oversight.
Gold Loss Claims Dismissed
Addressing reports of alleged losses from gold operations, the Bank of Ghana said such claims remain speculative, as the institution is currently undergoing its annual external audit.
The central bank said its audited financial statements, including full disclosures on gold operations for 2025, will be published in 2026 in line with statutory requirements.
Overall, the IMF’s latest review signals growing confidence in Ghana’s economic recovery, even as authorities acknowledge the need to sustain reform momentum and strengthen institutional efficiency to lock in long-term stability.
