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The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to end quasi-fiscal activities following losses recorded under the Domestic Gold Purchase Programme (DGPP).
The Fund said the DGPP recorded losses of GHS22 billion in 2025, equivalent to about 1.5 per cent of Ghana’s Gross Domestic Product (GDP), weakening the central bank’s financial position.
The IMF said the losses, together with other factors, increased the BoG’s negative equity position to 6.7 per cent of GDP by the end of 2025.
It said safeguarding the independence and credibility of the central bank required the permanent cessation of quasi-fiscal operations and the full transfer of the DGPP to GoldBod.
The DGPP was introduced to strengthen Ghana’s gold and foreign exchange reserves through the purchase of gold from local miners.
Although the programme contributed to higher reserves, the Fund said it also imposed significant financial costs on the central bank.
In July 2026, the Government, the BoG and GoldBod signed an agreement transferring all DGPP activities from the central bank to GoldBod.
Under the arrangement, GoldBod will assume responsibility for purchasing gold and meeting all operational costs, while the BoG will focus on its core mandate.
The IMF welcomed the transfer, stating that it would eliminate future financial risks from the central bank’s balance sheet and enhance transparency in the management of the programme.
The Fund also called for the recapitalisation of the central bank, noting that a strong financial position was essential to maintaining price stability and confidence in the economy.
An independent audit of the DGPP is underway, with its findings expected later this year.
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