The Bank of Ghana says Ghana’s macroeconomic performance has been strongly endorsed by the International Monetary Fund (IMF) following the successful completion of the fifth review of the Extended Credit Facility (ECF)-supported programme on December 17.
In IMF Country Report No. 25/343, the Fund acknowledged the “significant macroeconomic progress” made and commended the authorities for the strong corrective measures taken to realign the programme after policy reform setbacks in 2024.
According to the central bank, the IMF report confirmed that real GDP growth has exceeded expectations, while inflation has declined faster than projected into the Bank of Ghana’s target range.
International reserves have continued to expand steadily, with tentative data from the Bank as of mid-December 2025 indicating that reserves could exceed US$13 billion by the end of 2025, helping to restore confidence in the economy.
The Bank of Ghana said although the IMF review flagged financial risks associated with the Domestic Gold Purchase Programme (DGPP), these concerns should be viewed within the broader context of the programme’s macroeconomic contribution.
“The DGPP has helped shore up Ghana’s international reserves, supported currency stability and enabled access to foreign exchange without incurring new debt,” the Bank stated, adding that GOLDBOD’s role as an aggregator has been crucial in channelling gold from the small-scale mining sector into the official market.
The central bank further noted that the IMF highlighted the new foreign exchange operations framework as a critical reform aligned with global best practices.
The framework, it said, clarifies intervention triggers, separates reserve accumulation from market intermediation and enhances transparency.
“Its effective functioning is closely tied to the stability and efficiency of GOLDBOD’s operations,” the Bank explained.
Addressing claims of losses from gold operations, the Bank of Ghana said such reports remain speculative as it is currently undergoing its annual external audit.
“Any figures reported in relation to losses from gold operations in 2025 remain speculative,” the Bank said, adding that audited financial statements with full disclosures will be published next year in accordance with statutory requirements, while approved reforms to improve DGPP pricing and operational efficiency will begin in January 2026.
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