IMF Questions Cost of Ghana's Central Bank Gold Purchases Despite Reserve Gains
The IMF reported that the Bank of Ghana incurred $1.9 billion in operating losses in 2025 due to a gold-purchasing program from artisanal miners. Despite these costs, the initiative successfully helped the country rebuild its foreign exchange reserves and lower inflation.
Why it matters
This highlights the trade-offs between fiscal stability and macroeconomic policy, illustrating the high cost of state-led reserve accumulation programs.
email facebook linkedin twitter Whatsapp The IMF said the Bank of Ghana incurred operating losses of $1.9 billion in 2025 from purchasing gold from artisanal miners, with transaction costs absorbing 14.5% of the value of acquired gold.
The program helped Ghana rebuild foreign exchange reserves, which rose by $3.9 billion to $11.9 billion by the end of 2025, while inflation fell to 5.4% from more than 23% a year earlier.
Ghana transferred the program to the Ghana Gold Board on July 1, shifting the costs from the central bank's balance sheet to the national budget.
The International Monetary Fund (IMF) said the Bank of Ghana posted $1.9 billion in operating losses in 2025 after buying gold from artisanal miners under a reserve-building program. The scheme nevertheless helped the country rebuild its foreign exchange reserves. Since July, the Ghanaian government has assumed sole responsibility for financing the initiative.
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