Accra, Ghana – The International Monetary Fund (IMF) has clarified that the reported US$214 million linked to Ghana’s Domestic Gold Purchase Programme (DGPP) does not represent a loss incurred by the Ghana Gold Board (GoldBod), but is instead a policy-related accounting cost.
Speaking at a press briefing in Washington, IMF Director of Communications Julie Kozack explained that while the DGPP delivered significant macroeconomic benefits, it also resulted in what the Fund calls a “quasi-fiscal loss”—a cost not formally recorded on the government’s fiscal balance sheet but ultimately representing a charge to the state.
“The DGPP contributed meaningfully to the buildup of international reserves and helped ease pressure on the foreign exchange market during a difficult period for Ghana,” Ms. Kozack stated.
The US$214 million figure arose from trading margins, fees, and exchange rate movements—common features of commodity-backed liquidity operations. The IMF emphasized that the programme played a crucial role in stabilising Ghana’s economy during one of its most challenging periods.
To safeguard the central bank’s policy mandate, the Fund recommended stronger transparency, governance, and risk management, suggesting that such costs be reflected on the national budget rather than the Bank of Ghana’s balance sheet.
The IMF’s clarification aligns with GoldBod’s position, which maintained that the figure did not indicate an operational loss or programme failure. The Fund confirmed that the amount represents a quasi-fiscal cost, not a realized deficit attributable to GoldBod or any single institution.
Meanwhile, the Governor of the Bank of Ghana informed Parliament’s Public Accounts Committee that discussions are underway among stakeholders—including GoldBod—to strengthen and reform the DGPP. These engagements are expected to focus on improved governance structures and clearer coordination between the government, the central bank, and GoldBod.
For GoldBod, the IMF remarks are seen as validation of the programme’s objectives. The Board has consistently argued that the DGPP was a strategic intervention to support macroeconomic stability and enhance value from Ghana’s gold resources, rather than a scheme for short-term trading profits.
As reforms progress, GoldBod has reiterated its commitment to transparency, accountability, and efficiency in future phases of the programme.