Ghana’s central bank pumped nearly $13bn into FX market in just a year to save local currency, IMF says

As a corrective step, the Bank of Ghana, GoldBod and the government signed a memorandum of understanding in July formalising the transfer of the gold programme from the central bank to GoldBod and eliminating the related quasi-fiscal activities.

The central bank's Domestic Gold Purchase Programme, run in tandem with the state-owned Ghana Gold Board, "has generated losses of GHS 22 billion (1.

A government cost-sharing agreement at the end of 2025, involving the transfer of bonds with a face value of GH¢5 billion in March 2026, breached a ceiling on central bank claims on the government, a performance criterion under the loan programme, at end-December 2025 and again at end-March 2026.