a. Whereas, the IMF has acknowledged the positive impact of the ASM G4R programme on Ghana’s reserves and the macroeconomic environment, they are concerned about the impact of the downside cost of the programme on BoG’s books.

This has been the IMF’s concern since the inception of the G4R programme. This concern is currently being addressed.

b. Discussions are ongoing between the BoG and the fiscal authorities on the need for burden sharing relative to the cost of the G4R programme so as to sustain the economic gains of the programme, while protecting the financial position of the Central Bank.

c. We are confident that the impact of the cost of the G4R programme on BoG’s books will be significantly mitigated when the new GoldBod trade model takes off fully.