IMF urges tighter controls over GoldBod programme amid concerns over BoG losses

The International Monetary Fund (IMF) has called for stronger governance and transparency in Ghana’s Domestic Gold Purchase Programme (DGPP), warning that the financial costs of the scheme have contributed to pressure on the Bank of Ghana’s (BoG) balance sheet.

The IMF Resident Representative in Ghana, Dr Adrian Alter, said the programme had generated significant losses for the central bank, contributing to a deterioration in its financial position.

Dr Alter noted that the gold purchasing and selling functions previously undertaken through the BoG had since been transferred to the Ghana Gold Board (GoldBod), effectively separating the activities from the central bank’s core mandate.