Accra: The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to end quasi-fiscal activities following losses recorded under the Domestic Gold Purchase Programme (DGPP). The Fund reported that the DGPP incurred losses amounting to GHS22 billion in 2025, representing approximately 1.5 percent of Ghana's Gross Domestic Product (GDP), adversely affecting the central bank's financial standing.
According to Ghana News Agency, the IMF highlighted that these losses, in conjunction with other factors, exacerbated the BoG's negative equity position to reach 6.7 percent of GDP by the end of 2025. The Fund emphasized that preserving the independence and credibility of the central bank necessitates the permanent cessation of quasi-fiscal operations and the complete transfer of the DGPP to the entity GoldBod.
The DGPP was initially launched to bolster Ghana's gold and foreign exchange reserves by purchasing gold from local miners. Despite the programme's contribution to higher reserves, the Fund indicated that it also imposed considerable financial burdens on the central bank. In July 2026, an agreement was reached between the Government, the BoG, and GoldBod to transfer all DGPP activities from the central bank to GoldBod.
Under this new arrangement, GoldBod will take on the responsibility of purchasing gold and managing all operational costs, allowing the BoG to concentrate on its core mandate. The IMF expressed approval of this transfer, suggesting that it would eliminate future financial risks from the central bank's balance sheet and improve transparency in managing the programme.
The Fund also recommended the recapitalisation of the central bank, stressing that a strong financial position is crucial for maintaining price stability and confidence in the economy. An independent audit of the DGPP is currently underway, with its findings expected to be released later this year.