The International Monetary Fund (IMF) has called on the Bank of Ghana (BoG) to permanently stop its quasi-fiscal activities, following heavy losses recorded under the Domestic Gold Purchase Programme (DGPP).
GH¢22 Billion in Losses Recorded in 2025
According to the IMF, the DGPP recorded losses of GH¢22 billion in 2025 — equivalent to about 1.5% of Ghana’s GDP — significantly weakening the central bank’s financial position.
- The losses pushed BoG’s negative equity position to 6.7% of GDP by the end of 2025.
- The Fund said protecting the independence and credibility of the central bank requires a permanent end to quasi-fiscal operations.
- It called for the full transfer of the DGPP to GoldBod.
Why the Gold Purchase Programme Was Created
The DGPP was introduced to strengthen Ghana’s gold and foreign exchange reserves by buying gold directly from local miners. While the programme did boost reserves, the IMF noted it also came at a significant financial cost to the central bank.
DGPP Now Transferred to GoldBod
In July 2026, the Government, the BoG, and GoldBod signed an agreement to transfer all DGPP activities from the central bank to GoldBod.
- GoldBod will now handle gold purchasing and cover all related operational costs.
- BoG will refocus on its core central banking mandate.
- The IMF welcomed the transfer, saying it removes future financial risk from BoG’s balance sheet and improves transparency.
Read more: Accra Airport Terminal 2 Renovation to Be Completed by December 2026 — GACL
IMF Also Calls for BoG Recapitalisation
Beyond the gold programme, the IMF stressed the need to recapitalise the central bank, noting that a strong financial position is essential for maintaining price stability and public confidence in the economy.
An independent audit of the DGPP is currently underway, with findings expected later this year.
