The Bank of Ghana (BoG) has vehemently dismissed recent reports concerning significant losses from its gold operations in 2025, labeling these figures as purely speculative. The Central Bank clarified its position by stating that its comprehensive audited financial statement, which will include all necessary disclosures, is slated for publication next year in adherence to statutory requirements. Consequently, the BoG asserted that it would be inappropriate to validate or give credence to any unverified reports at this juncture.

A document from the Bank of Ghana, seen by JOYBUSINESS, further elaborated on these points. While acknowledging that the International Monetary Fund (IMF) review had indeed highlighted certain financial risks associated with the Domestic Gold Purchase Programme (DGPP), the BoG urged that these concerns be contextualized within the programme's substantial macroeconomic contributions. The Bank emphasized that the DGPP functions as a vital policy instrument, instrumental in bolstering Ghana’s international reserves, fostering currency stability, and facilitating access to considerable foreign exchange volumes without accumulating new debt.

Central to the DGPP's success is the operational role of GOLDBOD, which acts as an aggregator, effectively channeling gold-based inflows from the small-scale mining sector into the official market. This collaborative framework between the Bank of Ghana and GOLDBOD is crucial, ensuring that the DGPP remains firmly anchored in its public policy objectives.

Recognizing the macroeconomic and fiscal costs inherent in the Domestic Gold Purchase Programme, the Board of the Bank of Ghana has recently approved a series of reforms. These reforms are designed to significantly enhance pricing mechanisms and operational efficiency within the downstream segment of the programme. Scheduled for rollout commencing in January 2026, these reforms align with specific budgetary provisions made in the 2026 national budget, aimed at fully resourcing GOLDBOD and ensuring its long-term sustainability as it evolves. Key priorities for these reforms include reducing intermediation fees, improving overall cost efficiency, and establishing competitive yet economically sound buying prices, thereby delivering benefits to both the mining sector and the broader Ghanaian economy.

In parallel discussions, the Central Bank underscored the critical importance of its new foreign exchange operations framework. Designed in accordance with global best practices, this framework is intended to clarify intervention triggers, meticulously separate reserve accumulation from market intermediation activities, and enhance overall transparency, all with the objective of deepening confidence across the foreign exchange markets. The effective functioning of this framework is intrinsically linked to the stability and efficiency of GOLDBOD’s operations, underscoring the necessity for continuous oversight and rigorous operational discipline.

Moreover, the Bank of Ghana's document confirmed that the IMF staff report also attests to a marked improvement in Ghana’s macroeconomic environment. This positive shift is largely attributed to the successful implementation of the extended credit facility, despite prevailing global challenges. As a direct consequence of these developments, real GDP growth has surpassed initial expectations, inflation has receded faster than projected and has entered the Bank of Ghana’s target range, and international reserves are expanding steadily. Fresh data available as of mid-December further indicate that international reserves are projected to exceed US$13 billion by the close of 2025, contributing significantly to rising confidence in the nation's economy.