The International Monetary Fund (IMF) has warned that the Bank of Ghana's (BoG) Domestic Gold Purchase Programme (DGPP) risks weakening the central bank’s financial health. The Fund stated that losses from the programme are creating “quasi-fiscal risks”. This warning came from IMF mission chief Ruben Atoyan following a recent visit to Ghana to assess its economic progress. The team also discussed a new Policy Coordination Instrument with government officials.
These concerns emerge despite Ghana showing strong economic recovery under its Extended Credit Facility programme. Inflation has decreased, foreign reserves have improved, and confidence in the Ghana cedi has grown. Economic growth also surpassed earlier expectations in 2025. However, the IMF indicated that the gold programme could cause financial problems if not managed carefully. Future costs linked to this programme must be clearly included in the national budget to improve accountability.
This fits into Ghana's broader economic story of working to stabilize its finances after a period of high inflation and debt. The country has been implementing strict fiscal measures to restore economic confidence. The IMF previously praised Ghana for substantial gains, including improved fiscal performance and a declining national debt ratio. Investor confidence has also increased following successful domestic treasury bond issuances. Protecting the central bank’s balance sheet is critical for maintaining this stability and ensuring continued trust in Ghana’s financial system.
The IMF specifically stated that losses from the DGPP highlight the importance of transparency and limiting activities that weaken the central bank’s balance sheet. They emphasised that “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.” This advice underscores the importance of sound financial management at the institutional level.
Ghana must now address these concerns to maintain strong economic recovery and secure further international support. Decision-makers will need to increase transparency around the DGPP and ensure all associated costs are fully accounted for. Markets will be watching to see how the government strengthens the BoG’s financial position. Sustaining prudent policies and accelerating necessary reforms remain critical to preserving the gains achieved under the current IMF programme.
Ghana also remains vulnerable to global economic shocks. These include events like the ongoing conflict in the Middle East, which could push up energy and food prices. Such external pressures make robust internal financial management even more crucial. The IMF urged Ghana to avoid “past policy slippages” that led to recurring fiscal imbalances and rising debt.