IMF Welcomes Ghana’s Shift of Gold and Foreign Exchange Operations to GoldBod

The International Monetary Fund (IMF) has welcomed Ghana’s decision to transfer key gold purchasing and foreign exchange operations from the Bank of Ghana to the Ghana Gold Board (GoldBod), following recent pressure on the country’s foreign reserves.

The move is intended to reduce the central bank’s exposure to trading losses and valuation risks associated with the Domestic Gold Purchase Program. It is also expected to allow the Bank of Ghana to focus on its core responsibilities, including price stability and building international reserves.

The IMF has, however, called for the changes to be implemented consistently alongside fiscal discipline, greater exchange rate flexibility and measures to strengthen foreign exchange earnings.

Under the new arrangement, GoldBod has taken on a greater role in purchasing domestic gold and supplying foreign currency to the banking sector.

The IMF has urged the Bank of Ghana to reduce its direct involvement in the foreign exchange market and allow the cedi to respond more freely to market conditions.

The changes also include a higher gold sales requirement for large-scale mining companies, intended to support the supply of gold and generate foreign exchange.

GoldBod has been supplying dollars to authorised commercial banks through its automated GoFX platform.

In October 2026, the board generated US$1.011 billion in gold revenue and supplied the same amount in foreign exchange to commercial banks. Its gold revenue fell by approximately 46% from September’s US$1.87 billion and was below its initial October target of US$1.5 billion, amid softer global gold prices.

Despite the fall in revenue, foreign exchange supplied to banks rose by about 44% from the US$701.3 million provided in September.

The IMF described the first review of Ghana’s 36-month non-financing Policy Coordination Instrument as broadly satisfactory, while cautioning that reliance on a single commodity could leave the economy vulnerable to price changes.

Gold accounts for more than 65% of Ghana’s merchandise exports, making the country’s foreign exchange earnings and reserves sensitive to movements in global prices.

The Fund has encouraged Ghana to diversify its sources of external revenue, including through cocoa and oil, and strengthen oversight of artisanal and small-scale mining to help prevent smuggling.

Omanghana is an online news portal that provides readers around the world with a greater focus on Ghana and other parts of Africa. Established in 2009, Omanghana regularly publishes articles related to News, Sports, and Entertainment.

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