The Bank of Ghana says the International Monetary Fund has applauded Ghana’s economic progress following the successful completion of the fifth review of the IMF-supported programme.
In a statement issued on December 25, 2025, the central bank said the review — concluded on December 17 — recognised major gains in economic stability and corrective policy actions taken after challenges in 2024.
According to the IMF Country Report, Ghana’s growth performance has exceeded expectations, while inflation has fallen more rapidly than projected and is now within the Bank of Ghana’s target band. The report further indicated steady improvement in international reserves, with provisional central bank figures showing reserves could rise above 13 billion US dollars by the end of 2025.
The IMF also drew attention to financial risks linked to the Domestic Gold Purchase Programme, but the Bank of Ghana noted that the initiative has been instrumental in strengthening reserves, stabilising the cedi and generating foreign exchange without adding to public debt.
The statement added that the Ghana Gold Board has played a key role in directing gold from small-scale producers into the formal system, helping the programme achieve its public policy objectives.
The IMF additionally welcomed the Bank of Ghana’s new foreign exchange operations framework, designed to increase transparency, clarify intervention processes and build stronger market confidence.
To reduce costs associated with the gold purchase programme, the Bank of Ghana said it has approved reforms to enhance pricing and operational efficiency. These measures are scheduled to start in January 2026, with funding support for the Ghana Gold Board included in the 2026 national budget.
