The International Monetary Fund (IMF) has highlighted the significant role of Ghana’s Domestic Gold Purchase Programme (DGPP) in stabilising the economy during a critical period, confirming that the initiative helped support the cedi and bolster international reserves.
IMF Communication Director Julie Kozak, speaking in Washington during the Fund’s latest briefing, addressed questions regarding the Fifth Review Staff Report and the DGPP’s treatment within the document.
She emphasised that the IMF recognised both the benefits and costs of the DGPP, providing context to public debates sparked by the $214 million in reported “quasi-fiscal losses.”
Kozak noted that the programme strengthened the Bank of Ghana’s reserves and eased pressure on the country’s foreign currency market during one of Ghana’s most challenging economic periods.
“On the benefit side, what we see is a contribution to a buildup of international reserves and reduced pressure on the foreign exchange market during a difficult period for Ghana,” she said, underlining the stabilising impact of the DGPP at the height of the crisis.
The IMF has advised that future entries of the DGPP should be reflected transparently in the national budget, rather than on the Bank of Ghana’s balance sheet, to safeguard the central bank’s core policy mandate.
Her comments follow the Bank of Ghana Governor’s recent appearance before Parliament’s Public Accounts Committee, where he noted that stakeholders, including Goldbod, would meet to reform and strengthen the DGPP based on the IMF review. The process is expected to introduce improved governance frameworks and clearer operational alignment between the government, BoG, and the Ghana Gold Board.
For Goldbod, the IMF’s acknowledgment serves as a key validation. The institution has long maintained that the DGPP was intended to support macroeconomic stabilisation and increase the value derived from Ghana’s gold resources, rather than generate short-term trading profits.
By explicitly recognising the programme’s role in building reserves and stabilising the currency, the IMF has publicly affirmed Goldbod’s position that the DGPP was a strategic intervention delivering its primary objectives during a period of crisis.
As reforms progress, the Ghana Gold Board remains committed to enhancing transparency, strengthening collaboration with the central bank, and ensuring that future phases of the DGPP are more efficient, accountable, and economically beneficial.
