… The Fund said the losses associated with the Domestic Gold Purchase Programme (DGPP) underscore the importance of increasing transparency and limiting quasi-fiscal activities that weaken the central bank’s balance sheet. …
Strengthen BoG’s balance sheet to reduce fiscal risks, others – IMF to governmentGhana Minute.
Wednesday, 20 May 2026
Ghana’s news, on the hour · Est. 2026
Wednesday, 20 May 2026
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Ghanaian press · Event
Domestic Gold Purchase Programme
Also known as: DGPP
In coverage
Verbatim sentences from the source article.
- May 2026
… It said losses linked to the Domestic Gold Purchase Programme highlighted the dangers of quasi-fiscal activities weakening the central bank’s balance sheet. …
IMF pushes government to privatise ECG operations amid energy sector crisisThe International Monetary Fund has raised fresh concerns about the Bank of Ghana (BoG)’s Domestic Gold Purchase Programme (DGPP). …
IMF warns BoG gold scheme could weaken central bank balance sheet… The IMF also raised concerns about the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), warning that losses linked to the initiative highlight the risks of quasi-fiscal activities. …
IMF backs Ghana’s recovery but warns against reform reversals… The Domestic Gold Purchase Programme has emerged as a strategic tool, enabling the Bank to bolster reserves and generate income while reducing dependence on foreign exchange markets. …
Bank of Ghana in 2025: Financially impaired but operationally resilient… Building up external reserves through gold The Bank scaled up its Domestic Gold Purchase Programme (DGPP), buying gold locally from miners in cedis, refining it, and exporting it to build up foreign exchange reserves. …
From crisis to confidence: Ghana’s remarkable economic turnaround… Then there is the GH¢9.1 billion cost associated with the Domestic Gold Purchase Programme (DGPP). …
Stability comes at a cost: Ghana’s hard reset after the 2022 crisis… Building up external reserves through gold The Bank scaled up its Domestic Gold Purchase Programme (DGPP), buying gold locally from miners in cedis, refining it, and exporting it to build up foreign exchange reserves. …
From crisis to confidence: The remarkable economic turnaround… Watch the full interview below; Recent figures indicate that the Bank of Ghana recorded multi-billion cedi losses linked to its Domestic Gold Purchase Programme (DGPP), with reported losses rising from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025. …
BoG losses justified for stabilising economy — Joe Jackson… Despite this improvement, the Bank indicated that the financial outcome was primarily driven by three key cost components—open market operations, the domestic gold purchase programme, and foreign exchange revaluation effects. …
BoG’s GH¢15.6bn Loss Has Stabilised Inflation, Cedi
Business
IMF urges Ghana to strengthen Bank of Ghana balance sheet
The News
The International Monetary Fund has called for prudent monetary policy and strengthening the Bank of Ghana's balance sheet to anchor inflation expectations and reduce fiscal risks, citing losses from the Domestic Gold Purchase Programme as evidence of the need for increased transparency and limits on quasi-fiscal activities.
15 May 2026 · Joy Online →
Friday 15 May
IMF urges Ghana to strengthen Bank of Ghana balance sheet
The International Monetary Fund has called for prudent monetary policy and strengthening the Bank of Ghana's balance sheet to anchor inflation expectations and reduce fiscal risks, citing losses from the Domestic Gold Purchase Programme as evidence of the need for increased transparency and limits on quasi-fiscal activities.
15 May 2026 · Joy Online →
IMF urges Ghana to privatise ECG operations as energy crisis deepens
The International Monetary Fund has pushed Ghana to accelerate private sector participation in the Electricity Company of Ghana's operations, warning that persistent energy sector problems threaten public finances and economic stability. The IMF identified tackling ECG's distribution and collection losses, enhancing payment discipline, and clearing legacy arrears as priority reforms needed to protect public resources.
15 May 2026 · Joy Online →
IMF warns BoG gold scheme creates quasi-fiscal risks
The International Monetary Fund has warned that losses linked to the Bank of Ghana's Domestic Gold Purchase Programme are creating quasi-fiscal risks that could weaken the central bank's balance sheet. The IMF called for increased transparency and limits on quasi-fiscal activities to maintain confidence in monetary policy.
15 May 2026 · Joy Online →
IMF praises Ghana's recovery, warns against abandoning reforms
The International Monetary Fund says Ghana's economic recovery programme has delivered "substantial stabilisation gains," with falling inflation, stronger fiscal performance and improved foreign reserves, though it cautions against reversing reforms amid global economic uncertainty.
15 May 2026 · Joy Online →
Tuesday 5 May
Bank of Ghana reports GH¢15.3 billion loss in 2025
The Bank of Ghana recorded a loss of GH¢15.3 billion in 2025, up from GH¢9.4 billion the previous year, largely due to policy-driven costs including GH¢16.7 billion in open market operations aimed at managing liquidity and inflation. Despite the financial deterioration, the central bank maintains operational stability in its role supporting the economy.
5 May 2026 · Business & Financial Times →
Ghana's cedi becomes world's best-performing currency
Ghana's economy has undergone a marked turnaround: the cedi is now the world's best-performing currency, inflation has fallen from nearly 24% to single digits, and reserves have reached record highs, though the recovery came at significant cost.
5 May 2026 · Joy Online →
Ghana's central bank loss reflects cost of economic stabilisation
Ghana's central bank reported a GH¢15.6 billion loss in 2025, but this reflects the financial cost of macroeconomic stabilisation rather than economic failure, following severe strain in late 2022 when inflation surged to 54.1 percent and the cedi depreciated sharply. The country ended 2024 with a fiscal deviation of 3.1 percent of GDP and over GH¢36 billion in overspending, posing risks to recovery efforts.
5 May 2026 · Business & Financial Times →
Ghana's cedi becomes world's best-performing currency amid recovery
Ghana's economy has recovered from crisis, with the cedi now the best-performing currency globally, inflation falling from nearly 24% to single digits, and foreign reserves reaching record highs. The turnaround follows a turbulent period marked by currency depreciation, high inflation, and debt stress.
5 May 2026 · Business & Financial Times →
Monday 4 May
BoG losses justified for stabilising economy, finance CEO argues
The CEO of Dalex Finance defended the Bank of Ghana's reported losses as necessary policy measures to stabilise the economy and curb inflation. He cited open market operations costing GH₵16.73 billion as the major cost driver, noting that inflation fell from over 20 per cent to less than 5 per cent.
4 May 2026 · Joy Online →
Bank of Ghana records GH¢15.6bn loss in 2025
The Bank of Ghana recorded a net loss of GH¢15.6 billion in 2025, attributing the outcome to measures taken to reduce inflation, stabilise the cedi, and strengthen the financial system. The loss, deeper than the GH¢9.4 billion loss in 2024, reflects "traceable policy costs" including open market operations (GH¢16.7 billion), the domestic gold purchase programme, and foreign exchange revaluation effects, though total income grew 137 per cent to GH¢22.3 billion.
4 May 2026 · The Chronicle →
Sunday 3 May
Bank of Ghana records $1.25 billion net loss in 2025
The Bank of Ghana published audited 2025 financial statements on 1 May 2026, showing a net loss of $1.25 billion and total comprehensive losses of $2.80 billion; cumulative negative equity reached approximately $9 billion, widening from $3.99 billion the previous year.
3 May 2026 · Joy Online →
Bank of Ghana reports GH¢15.3 billion loss but remains operationally stable
The Bank of Ghana recorded a GH¢15.3 billion loss in 2025, up from GH¢9.4 billion in 2024, largely due to policy-driven costs including GH¢16.7 billion in open market operations aimed at managing inflation and liquidity. Despite deepening losses and negative equity, the central bank continues to function with operational stability, reflecting the unique role of central banking where losses differ from commercial bank deficits.
3 May 2026 · Joy Online →
Bank of Ghana reports $1.25 billion net loss for 2025
The Bank of Ghana published its audited 2025 financial statements on 1 May, revealing a net loss of $1.25 billion and total comprehensive losses of $2.80 billion, with cumulative negative equity reaching approximately $9 billion, widening from $3.99 billion a year earlier.
3 May 2026 · Joy Online →
Saturday 2 May
Bank of Ghana reports GH¢15.3 billion loss in 2025
The Bank of Ghana recorded a GH¢15.3 billion loss in 2025, up from GH¢9.4 billion the previous year, driven largely by open market operations costs of GH¢16.7 billion aimed at managing liquidity and controlling inflation. Despite the deepening losses and negative equity position, the central bank remains operationally stable, with losses attributed to policy interventions rather than inefficiency.
2 May 2026 · Joy Online →
Domestic Gold Purchase Programme strengthens Ghana's foreign reserves
The Bank of Ghana says its Domestic Gold Purchase Programme has strengthened foreign exchange reserves and stabilised the foreign exchange market by enabling domestic gold acquisition without recourse to the domestic foreign exchange market, easing pressure on the cedi and advancing reserve diversification.
2 May 2026 · The Chronicle →
Friday 1 May
Bank of Ghana gold sale prevented GH¢33 billion loss in 2025
Bank of Ghana would have reported a loss of nearly GH¢33.2 billion in 2025 but for the sale of roughly 870,000 ounces of refined gold, purchased largely in 2023 and 2024 under its Domestic Gold Purchase Programme. A single bullion transaction absorbed GH¢17.56 billion of losses through the sale generating GH¢9.57 billion in profit as the price of gold rose from when it was originally purchased.
1 May 2026 · Joy Online →
Former finance minister alleges BoG masked losses with gold sales
Mohammed Amin Adam claims the Bank of Ghana's reported net loss of GHS15.6 billion in 2025 would have exceeded GHS25 billion without gains from selling about 18 tonnes of gold reserves, which generated a net gain of GHS9.57 billion and were recognised as realised income rather than equity adjustments.
1 May 2026 · Joy Online →
Amin Adam questions BoG's accounting of gold sales, losses
Former Finance Minister Mohammed Amin Adam has raised concerns about the Bank of Ghana's financial reporting, arguing that the central bank's reported GHS15.6 billion net loss for 2025 is understated because gold sales of about 18 tonnes generated GHS40.3 billion in proceeds and a net gain of GHS9.57 billion, which was recognised in the profit and loss account and reduced the headline loss. Dr Amin Adam contended that without this accounting treatment, the deficit could have exceeded GHS25 billion, and highlighted sterilisation expenses of GHS16.73 billion as evidence of deeper structural inefficiencies.
1 May 2026 · Joy Online →
Former Finance Minister questions Bank of Ghana loss reporting
Former Finance Minister Mohammed Amin Adam alleges that the Bank of Ghana's reported GHS15.6 billion net loss in 2025 masks deeper financial challenges, claiming that proceeds from the sale of about 18 tonnes of gold reserves (generating GHS9.57 billion in gains) were recognised as income to cushion operational losses, and that without these gains the loss would have exceeded GHS25 billion.
1 May 2026 · Joy Online →