IMF Praises Ghana for Boosting Accountability in Domestic Gold Purchases
The International Monetary Fund (IMF) has welcomed Ghana's decision to transfer the Domestic Gold Purchase Programme (DGPP) from the Bank of Ghana (BoG) to the Ghana Gold Board (GoldBod), citing improvements in accountability and reduced financial risks.
According to the IMF's latest Article IV Consultation and Programme Review report, this move will strengthen oversight of domestic gold purchases while limiting the central bank's exposure. The DGPP has become increasingly important for boosting Ghana's international reserves, particularly amid strong global gold prices.
The IMF cautioned that despite the benefits of the gold sector, Ghana's growing dependence on gold exports presents significant economic risks. Gold accounted for more than 65% of Ghana's total merchandise exports in 2025 and is expected to play an even larger role in 2026.
While robust gold prices have strengthened the country's external position, supported economic growth, and helped rebuild foreign exchange reserves, the IMF warned that a sharp decline in global gold prices could quickly reverse these gains. The report also highlighted persistent challenges within the mining sector, including illegal mining, gold smuggling, and environmental degradation.