The Bank of Ghana (BoG) has firmly dismissed recent claims suggesting the country will incur gold losses in 2025, calling such reports speculative and premature.
These claims surfaced as the BoG undergoes its annual external audit, a process required by law to ensure transparency in the bank’s operations.
In a statement issued today, the central bank emphasized that its audited financial statements, which will include all relevant disclosures, are scheduled for release next year. BoG officials urged the public not to rely on unverified claims, pointing out that such figures are not official and do not reflect the true state of the bank’s financial operations.
The International Monetary Fund (IMF) recently released its Country Report No. 25/343, which painted an optimistic picture of Ghana’s macroeconomic performance. This report follows the successful completion of the fifth review of the IMF Extended Credit Facility (ECF)-supported programme, marking a significant milestone in the country’s economic recovery.
The IMF report highlighted that Ghana’s real GDP growth exceeded expectations, inflation has fallen more rapidly than forecast, and international reserves continue to rise steadily. By the end of 2025, BoG’s reserves are expected to surpass US$13 billion, providing a strong buffer against economic challenges.
Despite some delays in structural reforms, largely due to their complexity, the IMF commended Ghanaian authorities for their swift and effective corrective actions in the wake of policy setbacks in 2024.
The IMF did, however, raise concerns over the potential financial risks linked to Ghana’s Domestic Gold Purchase Programme (DGPP). Nonetheless, it acknowledged the programme’s contribution to the country’s macroeconomic stability, particularly in supporting the country’s currency and providing access to foreign exchange without increasing public debt.
The DGPP has also played a crucial role in boosting Ghana’s international reserves. According to BoG, GOLDBOD, an entity tasked with aggregating gold from the small-scale mining sector, has been instrumental in directing these gold inflows into the formal market, ensuring alignment with national economic objectives.
To address concerns related to the programme’s pricing and operational efficiency, the Bank of Ghana’s Board has approved a series of reforms. These reforms will take effect from January 2026, and they are expected to streamline the operations of the DGPP, particularly in the downstream segment.
The 2026 national budget will provide the necessary funding to fully resource GOLDBOD, further enhancing the programme’s effectiveness.
