Accra: The International Monetary Fund (IMF) has advised Ghana to account for the losses incurred in its Gold for Reserves (G4R) programme on the national budget balance sheet, rather than having the Bank of Ghana (BoG) bear these costs. Ms Julie Kozack, Director of the Communications Department of the IMF, underscored this recommendation while emphasizing the need for transparency and strengthened governance in the domestic gold purchase programme.
According to Ghana News Agency, the IMF highlighted that Ghana recorded a loss of US$214 million through the artisanal and small-scale dor© gold transactions component of the G4R programme by the end of the third quarter of 2025. These losses were attributed to trading activities, fees, and fluctuations in exchange rates. This situation prompted the Governor of the Central Bank to advocate for a national strategy to address the losses and enhance efficiency, while the government assumed the financial burden of the programme.
Ms Kozack articulated that transferring the losses to the national budget is crucial to maintaining the Bank of Ghana's capability to fulfill its primary mandate of price stability. She stated, "So, it's about moving something that is quasi fiscal onto the budget balance sheet. So, it's transparent and ensures that the Bank of Ghana is able to deliver on its mandate."
Furthermore, the IMF Staff Report for Ghana's Fifth Review indicated that the G4R programme played a role in building international reserves and alleviating pressure on the foreign exchange market during challenging times for the country. Ms Kozack also noted the approval of a three-month extension for the US$3 billion loan-supported programme to finalize the review process, including data assessment for the end of 2025 and the first quarter of 2026.
Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana, addressed Parliament's Public Accounts Committee, affirming the ongoing relevance of the G4R programme to the nation's economic strategy. He stressed the need for reforms to enhance the programme's efficiency and highlighted steps already taken by the Bank to reduce charges and pursue further improvements. Dr Asiama reiterated the programme's objective of reserve building, advocating for enhancing efficiency rather than termination.