By: Ashiadey Dotse
The Bank of Ghana (BoG) has announced that the International Monetary Fund (IMF) has praised Ghana’s strong economic performance after the country successfully completed the fifth review of its IMF-supported programme.
In a press release issued on December 25, 2025, the central bank said the IMF review, concluded on December 17, 2025, acknowledged the significant progress Ghana has made in stabilising its economy. The IMF also commended the measures taken to correct policy challenges that emerged in 2024.
According to the IMF Country Report, Ghana’s economic growth has been stronger than expected, while inflation has declined faster than projected and is now within the Bank of Ghana’s target range. The report also noted steady growth in international reserves, with provisional Bank of Ghana data suggesting reserves could exceed 13 billion US dollars by the end of 2025.
The IMF raised concerns about financial risks linked to the Domestic Gold Purchase Programme (DGPP). However, the Bank of Ghana said the programme has played a key role in boosting foreign reserves, supporting currency stability and providing foreign exchange without increasing public debt.
The central bank explained that the Ghana Gold Board (GOLDBOD) has been important in channelling gold from small-scale miners into the formal market, ensuring the programme serves public policy goals.
The IMF also highlighted the Bank of Ghana’s new foreign exchange operations framework, which aims to improve transparency, clarify market interventions and strengthen confidence in the foreign exchange market.
To address costs associated with the DGPP, the Bank of Ghana said it has approved reforms to improve pricing and operational efficiency. These reforms are expected to begin in January 2026, with funding provided in the 2026 national budget to support GOLDBOD’s operations.
