Dr. Johnson Asiama
The Bank of Ghana (BoG), has described claims of some figures reported in relation to losses from Gold operations in 2025 as speculative.
It was reported that Ghana recorded US$214 million in losses under the gold-for-reserves programme.
But in a statement issued and released on Thursday, December 25, 2025 by the Central Bank said such reports are speculative as the International Monetary Fund (IMF), at its review rather commended the country’s Macroeconomic progress.
“The Bank of Ghana is currently undergoing its annual external audit. As such, any figures reported in relation to losses from gold operations in 2025 remain speculative”.
“The Bank’s audited financial statements, including all relevant disclosures will be published next year in accordance with statutory requirements”.
According to the Central Bank, Ghana successfully completed the 5th Review of the IMF Extended Credit Facility (ECF)-supported programme on December 17, 2025 as outlined in IMF Country Report No. 25/343.
It said the review acknowledged the significant macroeconomic progress made and commended the strong measures taken to realign the programme following the policy reform setbacks in 2024.
The Bank of Ghana noted that Real GDP growth has exceeded expectations as inflation also declined faster than projected into the Bank of Ghana’s target range with international reserves expanding steadily.
It stated that tentative data from Bank of Ghana (BoG) as of mid-December 2025 suggest that international reserves could exceed US$13 billion by end-2025, contributing to rising confidence in the economy.
The Bank of Ghana said while some structural reforms have faced delays due to their complexity, the report confirms that the macroeconomic environment has improved markedly.
According to the Bank of Ghana, although the International Monetary Fund (IMF), review flagged financial risks associated with the Domestic Gold Purchase Programme(DGPP), it was important for those concerns to be placed within the broader context of the programme’s significant macroeconomic contribution.
“The DGPP is a policy tool that has helped shore up Ghana’s international reserves, supported currency stability, and enabled access to large volumes of foreign exchange without incurring new debt”.
“The operational role of GOLDBOD as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market. ” Parts of the statement read
The Central Bank also noted that the collaborative structure between the Bank and GOLDBOD has ensured that the Domestic Gold Purchase Programme (DGPP) remains anchored in public policy objectives.
It stated that the new foreign exchange operations framework introduced by the Bank of Ghana was also highlighted in the IMF report as a critical reform.
The Bank of Ghana mentioned that the new FX operations framework designed in line with global best practices clarifies intervention triggers, separates reserve accumulation from market intermediation and enhances transparency, all aimed at deepening confidence in FX markets.
It further mentioned that the functioning of the framework is closely tied to the stability and efficiency of GOLDBOD’s operations, reinforcing the need for continued oversight and operational
discipline.
By Ebenezer K. Amponsah