Ghana has been commended by the International Monetary Fund (IMF) for its strong macroeconomic performance, following the successful completion of the fifth review of the IMF Extended Credit Facility (ECF)-supported programme on December 17, 2025.
According to the IMF Country Report No. 25/343, Ghana has made significant strides in realigning its policies after setbacks in 2024. The report highlighted improved macroeconomic indicators, including real GDP growth exceeding expectations, inflation declining faster than projected into the Bank of Ghana’s target range, and steadily expanding international reserves. Preliminary data from the Bank of Ghana indicate that reserves could surpass US$13 billion by the end of 2025, boosting confidence in the economy.
The review also addressed concerns around the Domestic Gold Purchase Programme (DGPP). The IMF report placed these financial risks in context, noting the programme’s positive contributions to currency stability and foreign exchange access without incurring new debt. The Ghana Gold Board (GoldBod) plays a critical role in aggregating gold from small-scale miners into the official market, helping to channel gold inflows into public policy objectives.
The IMF further highlighted the Bank of Ghana’s new foreign exchange operations framework, designed to align with global best practices. The framework clarifies intervention triggers, separates reserve accumulation from market intermediation, and improves transparency to deepen confidence in the foreign exchange market.
In response to both the benefits and fiscal costs of the DGPP, the Bank of Ghana has approved reforms to enhance operational efficiency and reduce intermediation fees. These changes, to be implemented from January 2026, will also ensure competitive and economically sound gold buying prices while fully resourcing GoldBod under the 2026 national budget.
The Bank of Ghana is currently undergoing its annual external audit. Any claims about losses from gold operations in 2025 remain speculative until the audited financial statements are published next year, the press release clarified.