IMF raises concerns, BoG pushes back on gold loss claims

The Bank of Ghana (BoG) has firmly rejected suggestions contained in a recent International Monetary Fund (IMF) country report that Ghana may have incurred losses under its gold purchase programme, describing such claims as speculative and unsupported by evidence.

In a press release issued on December 25, 2025, the central bank acknowledged the IMF’s overall positive assessment of Ghana’s economic recovery under the Extended Credit Facility (ECF) programme but took issue with postulations regarding alleged gold-related losses.

“Gold loss claims are speculative,” the BoG stated, stressing that no verified data supports assertions that the country suffered financial setbacks through its gold transactions.

The rebuttal follows the IMF’s Fifth Review of Ghana’s ECF-supported programme, captured in IMF Country Report No. 25/343, which commended Ghana’s macroeconomic performance while flagging areas requiring continued vigilance.

According to the BoG, the IMF review itself confirms that Ghana’s economy has strengthened significantly despite earlier reform setbacks in 2024. “The review acknowledged the significant macroeconomic progress made and commended the strong measures taken to realign the programme,” the central bank noted.

The BoG highlighted improvements in key indicators, stating that “real GDP growth has exceeded expectations, inflation has declined faster than projected into the Bank of Ghana’s target range, and international reserves are expanding steadily.”

Provisional data from the central bank suggest that Ghana’s gross international reserves could surpass US$13 billion by the end of 2025, reinforcing confidence in the country’s external position.

While the IMF acknowledged delays in some structural reforms due to their complexity, the BoG emphasised that the broader macroeconomic environment has “improved markedly,” urging stakeholders to focus on verified outcomes rather than conjecture.