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Ghana Completes Fifth IMF Review, Posts Strong Macroeconomic Gains Amid Ongoing Reforms
Ghana has successfully completed the Fifth Review of its International Monetary Fund (IMF) Extended Credit Facility (ECF)-supported programme, marking a significant milestone in the country’s economic recovery efforts.
The review was concluded on December 17, 2025, and formally documented in IMF Country Report No. 25/343.
The IMF acknowledged the substantial macroeconomic progress Ghana has made despite policy reform setbacks encountered in 2024.
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It commended the authorities for implementing strong corrective measures that helped realign the programme and restore momentum. While the report noted that some structural reforms have experienced delays due to their complexity, it confirmed that the overall macroeconomic environment has improved markedly.
According to the IMF, real Gross Domestic Product (GDP) growth has exceeded initial expectations, while inflation has declined faster than projected, falling back into the Bank of Ghana’s target range. This disinflation trend, combined with stronger economic activity, has helped rebuild confidence in the economy.
One of the most notable gains highlighted in the review is the steady expansion of Ghana’s international reserves. Tentative data from the Bank of Ghana (BoG) as of mid-December 2025 indicate that reserves could surpass US$13 billion by the end of the year. This accumulation has strengthened external buffers and contributed to improved currency stability.
The IMF review also examined risks associated with the Domestic Gold Purchase Programme (DGPP), particularly on the financial side. However, the programme’s broader macroeconomic contribution was emphasised.
The DGPP has played a key role in bolstering international reserves, supporting the stability of the cedi, and enabling access to significant volumes of foreign exchange without increasing public debt.
Central to the programme’s operations is GOLDBOD, which serves as an aggregator channelling gold inflows from the small-scale mining sector into the official market.
This collaboration between the Bank of Ghana and GOLDBOD has ensured that gold-based inflows support public policy objectives while enhancing transparency in the sector.
The IMF further highlighted the Bank of Ghana’s newly introduced foreign exchange operations framework as a critical reform. Designed in line with international best practices, the framework clarifies intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency in the FX market.
Its effectiveness is closely linked to the stability and efficiency of GOLDBOD’s operations, underscoring the importance of continued oversight and operational discipline.
In response to both the benefits and fiscal costs associated with the DGPP, the Board of the Bank of Ghana has approved a set of reforms aimed at improving pricing and operational efficiency in the downstream segment of the programme. These reforms, scheduled to begin in January 2026, are supported by provisions in the 2026 national budget to fully resource GOLDBOD and ensure its long-term sustainability.
Key priorities under the reform agenda include reducing intermediation fees, improving cost efficiency, and achieving competitive but economically sound gold buying prices. The reforms are expected to benefit both the mining sector and the wider economy by enhancing value for money and strengthening programme outcomes.
The Bank of Ghana also clarified that it is currently undergoing its annual external audit. As a result, any figures circulating regarding potential losses from gold operations in 2025 remain speculative. The Bank’s audited financial statements, including all relevant disclosures, are expected to be published next year in line with statutory requirements.
Overall, the successful completion of the Fifth Review reinforces Ghana’s improving macroeconomic outlook and signals continued progress under the IMF-supported programme, even as authorities work to complete remaining reforms ahead of the final review.
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