IMF warns BoG gold scheme could weaken central bank balance sheet

The International Monetary Fund (IMF) warns that losses linked to the Bank of Ghana's Domestic Gold Purchase Programme (DGPP) are creating quasi-fiscal risks that could weaken the central bank's balance sheet. This warning came at the end of an IMF mission to Accra led by mission chief Ruben Atoyan. The IMF said that efforts to strengthen confidence in monetary policy "should focus on strengthening the central bank's balance sheet."

The IMF acknowledged that Ghana's economy has made strong gains in its recovery, stating that inflation has declined rapidly, reserves have improved, confidence in the cedi has strengthened, and growth exceeded expectations in 2025. The IMF confirmed that Ghana and the Fund have reached a staff-level agreement on policies to support a new non-financing 36-month programme aimed at sustaining reforms after the current bailout ends. The IMF said that fiscal performance has strengthened sharply, the debt ratio has declined, and investor confidence has improved following the successful return of domestic treasury bond issuance.

The IMF warned that future costs linked to the Domestic Gold Purchase Programme must be properly captured in the national budget to improve accountability. The IMF also urged government to avoid "past policy slippages," including recurring fiscal imbalances, rising debt, weak financial buffers, and reform reversals.