I’ve taken time to read the IMF’s Ghana Selected Issues Paper released in July 2026 on Ghana’s recent macroeconomic reforms.

This particular paper was prepared by the IMF staff as background documentation for Ghana’s 2026 Article IV Consultation and the Sixth Review under the Extended Credit Facility (ECF). Its purpose is to evaluate key policy interventions, identify what has worked, highlight associated risks, and propose improvements that can strengthen Ghana’s macroeconomic framework going forward.

One of the major areas examined is the Domestic Gold Purchase Programme (DGPP), an initiative introduced during one of the most challenging periods in Ghana’s recent economic history, when the country was facing severe exchange rate pressures, declining international reserves and limited access to external financing.

The paper recognises several significant contributions the programme made to Ghana’s economic recovery in 2025.

The IMF begins by observing that gold has now become the dominant driver of Ghana’s external position. It explains that higher gold prices, increased production and a reduction in smuggling have transformed gold into Ghana’s largest export, accounting for more than half of the country’s total exports compared to about one-fifth in 2021. In simple terms, the country earned substantially more foreign exchange from gold than it did just a few years ago.

Perhaps the most remarkable achievement highlighted by the IMF is the formalisation of Ghana’s artisanal and small-scale mining sector. For years, significant quantities of gold left Ghana through smuggling and never appeared in the country’s official export statistics. The IMF estimates that between 2019 and 2024, approximately 229 tonnes of gold valued at about US$11.4 billion were missing from Ghana’s official trade records due to smuggling. Through the Domestic Gold Purchase Programme and the establishment of GoldBod, a substantial portion of this trade was brought into the formal economy. Put differently, gold that previously escaped the country’s official economic system began contributing to Ghana’s recorded exports and foreign exchange earnings.

The report further notes that the programme was instrumental in exporting approximately US$10.9 billion worth of artisanal gold in 2025 alone. This represents one of the largest recorded values of formal artisanal gold exports in Ghana’s history and significantly strengthened the country’s external sector.

Another key contribution identified by the IMF was the dramatic increase in foreign exchange inflows. According to the report, gold-related foreign exchange inflows increased from approximately US$1.7 billion in 2023 to about US$12.7 billion in 2025. To the ordinary Ghanaian, this simply means that considerably more foreign currency entered the economy, improving the country’s ability to finance imports, meet foreign obligations and support overall economic stability.

Closely linked to this was the rebuilding of Ghana’s international reserves. The IMF describes the Domestic Gold Purchase Programme as being operationally central to reserve accumulation. By the end of 2025, Ghana’s gross international reserves had increased to approximately US$11.9 billion, significantly outperforming the reserve targets agreed under the IMF-supported programme. These reserves are, in many respects, the country’s financial safety net. They strengthen confidence in the economy and provide an important buffer against external shocks.

The paper also explains that the increased foreign exchange generated through the programme enabled the Bank of Ghana to supply substantially more foreign currency to the banking sector. Foreign exchange sales increased from about US$1 billion in 2023 to approximately US$10.6 billion in 2025. This improved liquidity within the foreign exchange market and made foreign currency more readily available to businesses and financial institutions.

Interestingly, the IMF notes that these developments coincided with, and arguably contributed to, Ghana’s remarkable macroeconomic stabilisation. The report specifically associates the programme with stronger reserve accumulation, improved foreign exchange liquidity, exchange rate appreciation and enhanced debt sustainability. These observations are contained in the IMF’s own analysis of the programme