The International Monetary Fund (IMF) has called on the Bank of Ghana (BoG) to discontinue quasi-fiscal operations following significant losses recorded under the Domestic Gold Purchase Programme (DGPP).

According to the Fund, the gold purchase initiative recorded losses of GH¢22 billion in 2025, representing about 1.5 per cent of Ghana’s Gross Domestic Product (GDP), a development that weakened the central bank’s financial position.

The IMF said the losses, together with other factors, contributed to an increase in the Bank of Ghana’s negative equity position, which reached 6.7 per cent of GDP by the end of 2025.

In its latest Article IV Consultation and programme review report on Ghana, the Fund stressed that protecting the independence and credibility of the central bank would require a permanent halt to quasi-fiscal activities and the complete transfer of the DGPP to the Ghana Gold Board (GoldBod).

The DGPP was established to support the accumulation of gold and foreign exchange reserves by purchasing gold from local producers. While the programme helped strengthen Ghana’s reserve position, the IMF noted that it also created substantial financial obligations for the central bank.

In July 2026, the government, the Bank of Ghana and GoldBod signed an agreement to transfer all operations under the DGPP from the central bank to GoldBod.

Under the new arrangement, GoldBod will take full responsibility for gold purchases and related operational costs, allowing the Bank of Ghana to concentrate on its core mandate of maintaining price stability.

The IMF welcomed the transition, saying the move would prevent further financial risks from being placed on the central bank’s balance sheet and improve transparency and accountability in the management of the programme.

The Fund further urged authorities to recapitalise the Bank of Ghana, stressing that a financially strong central bank is critical to maintaining monetary policy credibility, price stability and investor confidence.

An independent audit of the Domestic Gold Purchase Programme is currently ongoing, with the findings expected to be released later this year.