The International Monetary Fund (IMF) has revealed that the Bank of Ghana (BoG) recorded losses of more than $1.7 billion in 2025 through its Domestic Gold Purchase Programme, despite the initiative helping to stabilise the cedi and boost the economy.

According to the IMF’s Selected Issues Report released on Wednesday, August 5, 2026, the BoG bought and exported about 104 tonnes of gold worth $10.9 billion from small‑scale miners in 2025.

This made the central bank the main channel for almost all officially recorded artisanal gold exports.

The programme helped increase Ghana’s foreign exchange reserves to $11.9 billion and allowed the BoG to sell more foreign currency to banks, driving a 41% appreciation of the cedi against the US dollar in 2025.

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However, the IMF said the initiative came at a high cost, with losses stemming from testing and handling fees, sales discounts, and exchange rate differences.

Losses rose sharply from about $400 million in 2024, leaving the BoG with negative equity equal to 6.7% of GDP by the end of 2025.

Since July 2026, the programme has been transferred to the Ghana Gold Board (GoldBod), with the government now bearing the costs while the BoG no longer carries the financial risks.

The IMF noted that under the new structure, the cost per ounce is expected to fall from 14.5% in 2025 to about 5%.

DR/SA