Julie Kozack, IMF Communications Director
The International Monetary Fund (IMF) has cautioned Ghana against keeping losses incurred under the Domestic Gold Purchase Programme on the balance sheet of the Bank of Ghana (BoG), warning that the practice could undermine the central bank’s ability to effectively deliver on its core mandate of price stability.
In its Staff Report following the conclusion of the Fifth Review under Ghana’s Extended Credit Facility (ECF) arrangement, the Fund disclosed that losses from the artisanal and small-scale (ASM) doré gold transactions component of the Gold for Reserves (G4R) programme had reached US$214 million by the end of the third quarter of 2025, equivalent to about 0.2 per cent of GDP.
According to the IMF, the losses stem largely from trading activities, as well as fees paid to Ghana Gold Board (GoldBod) off-takers and exchange-rate-related costs.
The disclosure has triggered renewed debate among analysts and political actors, with some calling for a reassessment of the programme. Appearing before Parliament’s Public Accounts Committee on January 12, 2026, Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, called for a unified national approach to strengthening the programme rather than abandoning it.
“The focus should be on reforms that strengthen the programme’s efficiency so it can serve its intended purpose of stabilizing the currency and supporting national development,” he told the Committee.
Clarifying the IMF’s position at a press briefing on Thursday, January 15, 2026, IMF Communications Director, Julie Kozack, said the Fund recognises the important benefits delivered by the domestic gold purchase programme, particularly during a period of intense economic stress.
“On the benefit side, what we see is a contribution to a buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” she said.
However, Kozack noted that the IMF also identified significant costs associated with the programme, describing them as quasi-fiscal losses — losses that do not formally appear on the government’s fiscal balance sheet but ultimately carry fiscal implications.
To address these risks, the IMF has recommended stronger transparency, improved governance, and enhanced risk management, especially within the GoldBod framework linked to the central bank.
Crucially, the Fund has advised that the losses be removed from the Bank of Ghana’s balance sheet and transferred to the national budget.
“We also strongly recommend that the losses should be brought on balance sheet rather than held on the balance sheet of the Central Bank,” Kozack stated.
She stressed that the recommendation goes beyond accounting treatment and constitutes a critical policy decision with far-reaching implications for macroeconomic stability and institutional credibility.
By transferring the losses to the budget, the IMF believes the quasi-fiscal nature of the programme would become more transparent, enabling clearer fiscal oversight and accountability, while safeguarding the financial integrity and operational independence of the central bank.
“Why is this important? It’s important to ensure that the Bank of Ghana remains well-positioned to deliver on its key price stability mandate,” she explained.
