The International Monetary Fund (IMF) has issued a stern warning to the Government of Ghana to rethink its financing model for the Gold Purchase Programme. The programme, which has been transferred from the Bank of Ghana to GoldBod, has been criticized for lacking transparency and accountability.
IMF Flags Governance Concerns in Gold Purchase Programme
The IMF has raised concerns about the governance, transparency, and reporting under Ghana's Domestic Gold Purchase Programme. According to a report by Modern Ghana, the Fund commended Ghana for rebuilding its international reserves but urged the government to improve accountability and reduce financial risks.
The report indicated that gold accounted for more than 65 per cent of Ghana's total merchandise exports in 2025 and is expected to play an even larger role in 2026. While robust gold prices have strengthened the country's external position, supported economic growth, and helped rebuild foreign exchange reserves, the IMF warned that a sharp decline in global gold prices could quickly reverse these gains.
The IMF has also flagged a GHS22 billion loss in 2025, which has been attributed to the programme's lack of transparency and accountability. Minority groups have accused GoldBod of driving the Bank of Ghana into technical insolvency.
Central Banks Should Treat Gold as a High-Risk Reserve Asset
According to the IMF, central banks should treat gold as a high-risk reserve asset and anchor gold accumulation decisions in strategic asset allocation and sound risk management practices. The Fund's position is outlined in a note titled "Gold in Central Bank Reserves: Strategic Considerations, Market Risks, and Practical Guidance."
The note highlights the importance of considering market risks and practical guidance when making decisions about gold accumulation. It also emphasizes the need for central banks to maintain sound risk management practices and to treat gold as a high-risk reserve asset.
What Happens Next?
The Government of Ghana has been urged to rethink its financing model for the Gold Purchase Programme in light of the IMF's warnings. The programme's lack of transparency and accountability has been criticized, and the government has been called upon to improve governance and reduce financial risks.
The programme's future remains uncertain, and it is unclear what steps the government will take to address the IMF's concerns. However, one thing is clear: the Government of Ghana must take action to address the programme's shortcomings and ensure that it operates in a transparent and accountable manner.
Source: 3News
