Ghana has successfully passed its latest pivotal review by the International Monetary Fund (IMF), securing continued support under its Extended Credit Facility (ECF) programme.
The IMF’s Executive Board completed the 5th Review on December 17, 2025, citing “significant macroeconomic progress” and a strong recovery from earlier reform setbacks.
The IMF’s assessment, detailed in its latest country report, notes a markedly improved economic landscape.
Key indicators have outperformed projections: economic growth is stronger than expected, inflation has fallen rapidly into the Bank of Ghana’s target band, and international reserves are climbing steadily.
Preliminary data suggests reserves could surpass US$13 billion by year-end, boosting overall economic confidence.
The IMF review acknowledged the critical role of Ghana’s Domestic Gold Purchase Programme (DGPP) in bolstering reserves and currency stability, while also flagging associated financial risks.
Officials emphasized the programme’s strategic value as a debt-free tool for securing foreign exchange.
“The DGPP has been instrumental in strengthening our external position,” a statement from the central bank noted.
“It channels gold from the small-scale mining sector into official reserves through its collaborative operational structure with GOLDBOD.”
In response to the IMF’s observations, the Bank of Ghana’s Board has approved upcoming reforms to the DGPP’s downstream operations.
Set to begin in January 2026, these reforms aim to enhance pricing efficiency, reduce costs, and ensure the programme’s long-term sustainability, aligning with provisions in the 2026 national budget.
The IMF report also highlighted the Bank of Ghana’s new foreign exchange operations framework as a cornerstone reform.
Designed to align with global standards, the framework enhances market transparency, clarifies intervention rules, and aims to deepen confidence in the foreign exchange market.
Regarding financial specifics for 2025, the Bank of Ghana clarified that its annual external audit is currently underway.
Any figures circulating on potential losses related to gold operations remain speculative until the audited financial statements are published next year in compliance with statutory requirements.
The successful IMF review marks a milestone in Ghana’s economic stabilisation efforts, paving the way for the next phase of the support programme.
