The International Monetary Fund (IMF) has praised Ghana for making significant macroeconomic progress following the successful completion of the fifth review of the IMF-supported Extended Credit Facility (ECF) programme on December 17, 2025.
The press release was issued by the Communications Department on December 25, 2025.
According to IMF Country Report No. 25/343, the review commended Ghana for strong corrective measures taken after policy reform setbacks in 2024, noting that despite delays in some complex structural reforms, the overall macroeconomic environment has improved considerably.
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The report indicated that real GDP growth exceeded expectations, inflation declined faster than projected into the Bank of Ghana‘s target range, and international reserves continued to expand.
Provisional data from the Bank of Ghana as of mid-December 2025 suggest that reserves could exceed US$13 billion by the end of the year, boosting confidence in the economy.
While the IMF highlighted financial risks linked to the Domestic Gold Purchase Programme (DGPP), the Bank of Ghana said these concerns should be viewed within the wider context of the programme’s macroeconomic benefits.
The DGPP, according to the Bank, has supported reserve accumulation, enhanced currency stability, and provided foreign exchange without adding to public debt.
The statement explained that the role of GOLDBOD as an aggregator has been key in channelling gold inflows from the small-scale mining sector into the official market, ensuring the programme aligns with public policy objectives through collaboration with the Bank of Ghana.
The IMF also highlighted the Bank of Ghana’s new foreign exchange operations framework as a critical reform.
The framework, designed in line with international best practices, separates reserve accumulation from market operations, clarifies intervention triggers, and improves transparency to strengthen confidence in the foreign exchange market.
The Bank noted that reforms have been approved to address both the fiscal costs and efficiency of the DGPP.
These reforms, scheduled to begin in January 2026 and supported by allocations in the 2026 national budget, will focus on reducing intermediation fees, improving cost efficiency, and setting competitive but sustainable gold buying prices.
The Bank of Ghana further stated that claims of losses from gold operations in 2025 are speculative, as the institution is currently undergoing its annual external audit.
It said audited financial statements, including full disclosures, will be published next year in line with statutory requirements.
