The International Monetary Fund (IMF) has advised Ghana to record the losses incurred under its Gold for Reserves (G4R) programme in the national budget, rather than leaving the Bank of Ghana to incur the costs.
At a press briefing on Thursday, IMF Communications Director Julie Kozack stressed that transferring the losses onto the government’s balance sheet would protect the central bank’s independence and ensure transparency.
“We strongly recommend that the losses be brought onto the national balance sheet rather than being held on the balance sheet of the central bank, while also calling for stronger governance, transparency, and improved risk management, especially within the Gold Board-linked component of the domestic gold purchase programme,” she said
The IMF reports that Ghana recorded losses of around US$214 million by the end of September 2025, mainly from trading activities, fees, and exchange rate fluctuations linked to the artisanal and small-scale mining (ASM) doré gold transactions.
The losses have sparked concern at both government and central bank levels. Bank of Ghana Governor Dr Johnson Pandit Asiama has called for a coordinated national response to address the issue, while the government has already assumed the programme’s associated costs.
Ms Kozack explained that shifting the losses to the national budget would allow the Bank of Ghana to focus on its core mandate of price stability. She also noted that despite the losses, the G4R programme had helped build international reserves and ease pressure on the foreign exchange market during difficult economic conditions.
Regarding Ghana’s ongoing US$3 billion IMF-supported programme, Ms Kozack said the IMF Board had approved a three-month extension for the final review, covering economic data through the end of 2025 and first quarter of 2026.
Dr Asiama told Parliament’s Public Accounts Committee that the programme remains relevant, emphasising that reforms to improve efficiency, rather than discontinuation, should be the focus.
“The scheme was introduced to address national challenges. The priority now is enhancing efficiency,” he said, noting that the central bank had already reduced some charges and is implementing further reforms to strengthen the programme.