The International Monetary Fund (IMF) has commended Ghana for significant macroeconomic progress following the successful completion of the fifth review of the Extended Credit Facility (ECF) supported program on December 17, 2025. According to IMF Country Report No. 25/343, the board praised the government’s decisive measures to realign the program after policy setbacks in 2024, noting that the national economy has improved markedly.
Key indicators show that real GDP growth has exceeded expectations, while inflation has declined faster than projected, successfully entering the Bank of Ghana’s target range. Furthermore, tentative data suggests that international reserves are on track to exceed US$13 billion by the end of 2025, a milestone expected to further bolster market confidence.
While the IMF report identified potential financial risks associated with the Domestic Gold Purchase Programme (DGPP), the Bank of Ghana has emphasized the policy’s critical role in shoring up reserves and stabilizing the cedi without incurring new debt.
To address these concerns and enhance efficiency, the Bank’s board recently approved a series of reforms for the downstream segment of the gold program, scheduled for rollout in January 2026. These reforms, supported by the 2026 national budget, will focus on reducing intermediation fees and improving cost-efficiency for the Ghana Gold Board (GOLDBOD).
The central bank also clarified that current claims regarding gold operation losses in 2025 are purely speculative, as the bank is currently undergoing its annual external audit. Audited financial statements and full disclosures are expected to be published early next year in accordance with statutory requirements.
Ruth Abla ADJORLOLO
