IMF programme ends, Policy Partnership begins: Ghana’s next economic chapter

The IMF’s directive to transfer the Domestic Gold Purchase Programme to GoldBod and recapitalise the Bank of Ghana is designed to restore institutional separation between monetary policy and commercial resource trading, protecting central bank independence while establishing GoldBod as a world-class institution dedicated to traceability, ethical mining, local refining, and value retention.

Central bank quasi-fiscal activities occur when the monetary authority undertakes operations naturally belonging to fiscal policy, such as gold trading or domestic price absorption, resulting in costs appearing on the central bank's balance sheet.

The gold purchase initiative was implemented to formalise local gold supply chains, capture foreign exchange, and rebuild national reserves, an outcome the IMF acknowledges as vital to recent macroeconomic stabilisation.