The International Monetary Fund (IMF) has warned that the Bank of Ghana's (BoG) gold purchasing initiative could harm the central bank's financial health. Losses from the Domestic Gold Purchase Programme (DGPP) are creating hidden government risks. These risks could make the central bank's balance sheet weaker.
This warning came after a recent IMF visit to Accra. The IMF team met with Ghanaian officials to discuss the country's economic plan. This plan is supported by an Extended Credit Facility. They also talked about a new Policy Coordination Instrument. Despite Ghana's economic recovery, the IMF highlighted potential financial dangers from the gold programme. If not managed well, these dangers could cause problems.
Ghana's economy has shown strong progress recently. Inflation has fallen quickly. The country's foreign currency reserves have gone up. Confidence in the Ghanaian cedi currency has grown. Economic growth in 2025 was better than expected. The IMF noted these "substantial stabilisation gains" under the current economic programme. Fiscal performance has greatly improved. The amount of debt compared to the country's total economic output has fallen. Investor confidence is also higher.
In a statement released on Friday, May 15, 2026, the IMF specifically pointed to the DGPP. "The losses associated with the Domestic Gold Purchase Programme (DGPP) underscore the importance of increasing transparency," the Fund said. The IMF stressed that any future costs from this programme must be clearly included in the national budget. This action would improve accountability. "Efforts to protect the Bank of Ghana’s balance sheet from DGPP-related quasi-fiscal risks and budget recognition of future costs would help enhance accountability and oversight," they added. This is according to a statement released by the IMF mission chief, Ruben Atoyan.
The IMF's concerns about the BoG's gold scheme come at a time when Ghana is praised for economic gains. The Fund also confirmed an agreement on a new 36-month programme. This new programme aims to keep economic reforms going after the current bailout ends. However, Ghana still faces risks from global events. These include conflicts that could raise prices for energy and food. The IMF urged the government to avoid past mistakes. These include budget deficits, rising debt, and weakened financial buffers.