IMF Welcomes Ghana's Transfer of Domestic Gold Purchase Programme

The International Monetary Fund (IMF) has welcomed Ghana's decision to transfer the Domestic Gold Purchase Programme from the Bank of Ghana (BoG) to the Ghana Gold Board (GoldBod). This move is seen as an important step towards improving accountability and reducing financial risks associated with the programme. The IMF notes that domestic gold purchases have become increasingly important in boosting Ghana's international reserves, particularly amid strong global gold prices.

The Fund stresses that the programme must be managed transparently and prudently to ensure its long-term sustainability. Transferring responsibility for the programme to GoldBod is expected to enhance governance, improve accountability and reduce risks previously borne by the Bank of Ghana.

Despite acknowledging the benefits of the gold sector, the IMF cautions that Ghana's growing dependence on gold exports presents significant economic risks. The report indicates that gold accounted for more than 65 per cent of Ghana's total merchandise exports in 2025 and is expected to play an even larger role in 2026.

The IMF warns that a sharp decline in global gold prices could quickly reverse these gains, reducing export earnings, weakening foreign exchange inflows and placing additional pressure on public finances. The Fund further reveals that stress tests conducted under Ghana's Debt Sustainability Analysis identified commodity price shocks, particularly those affecting gold, as among the country's most significant threats to macroeconomic stability and debt sustainability.