The Bank of Ghana has reaffirmed the critical role played by the Ghana Gold Board in strengthening Ghana’s external position, describing the institution as central to the success of the Domestic Gold Purchase Programme (DGPP) and the country’s broader macroeconomic recovery efforts.
In a press release issued on December 25, 2025, following the successful completion of Ghana’s fifth review under the IMF-supported Extended Credit Facility (ECF) programme, the central bank highlighted GoldBod’s operational importance in channeling gold-based inflows into the formal economy.
The IMF review acknowledged Ghana’s improving macroeconomic environment, citing stronger-than-expected GDP growth, declining inflation, and a steady expansion of international reserves.
According to the Bank of Ghana, GoldBod’s role as an aggregator within the DGPP has been instrumental in mobilising gold from the small-scale mining sector into the official market.
They revealed that the mechanism has enabled Ghana to build international reserves, stabilise the domestic currency, and access significant foreign exchange inflows without incurring new debt; an outcome the central bank described as a key macroeconomic gain of the programme.
“This collaborative structure between the Bank and the GOLDBOD has ensured that the DGPP remains anchored in public policy objectives,” the statement noted.
The Bank added that by formalising gold flows and strengthening oversight, GoldBod has helped reinforce transparency, operational discipline, and alignment with national economic priorities.
The IMF also commended Ghana’s newly introduced foreign exchange operations framework, which the Bank of Ghana identified as a critical reform aligned with global best practices.
The framework separates reserve accumulation from market intermediation, clarifies intervention triggers, and enhances transparency in the foreign exchange market.
The central bank stressed that the effectiveness of this framework is closely linked to the stability and efficiency of GoldBod’s operations.
Recognising both the macroeconomic benefits and fiscal costs associated with the DGPP, the Board of the Bank of Ghana has approved reforms aimed at improving pricing structures and operational efficiency in the downstream segment of the programme.
These reforms, scheduled to take effect from January 2026, will be supported by allocations in the 2026 national budget to fully resource GoldBod and ensure its long-term sustainability.
The Bank indicated that reform priorities will include reducing intermediation costs, improving cost efficiency, and ensuring competitive yet economically sound gold purchasing prices.
These measures are expected to strengthen the gold trading ecosystem while delivering broader economic benefits.
Addressing public speculation about alleged losses from gold operations, the Bank of Ghana clarified that such claims remain unsubstantiated.
They stated that the central bank is currently undergoing its annual external audit, and all audited financial statements and disclosures will be published in accordance with statutory requirements in 2026.
The statement underscores GoldBod’s growing importance as a policy-driven institution at the heart of Ghana’s gold value chain, supporting reserve accumulation, currency stability, and confidence in the country’s economic recovery.
