The International Monetary Fund (IMF) has reiterated its previous evaluation that Ghana’s Gold Board (GoldBod) experienced losses totaling approximately US$214 million, asserting that its stance on this issue remains consistent.
This figure was initially mentioned in the IMF’s Staff Report for the Fifth Review of Ghana’s IMF-supported economic program and has since sparked public discussion regarding its impact on Ghana’s fiscal stability.
During a press briefing on Thursday, January 15, 2026, IMF Director of Communications Julie Kozack clarified that the Fund had already provided comprehensive explanations regarding the matter and firmly supports its assessment.
She indicated that while the GoldBod-related domestic gold purchase program yielded significant economic advantages, it also led to considerable quasi-fiscal losses for the government.
“On the positive side, we observe a contribution to the accumulation of international reserves and diminished pressure on the foreign exchange market during a challenging time for Ghana,” Kozack stated.
However, she also noted that the program incurred financial costs.
“The report also detailed what we refer to as a quasi-fiscal loss, which means it does not appear on the fiscal balance sheet, yet it ultimately constitutes a fiscal loss. This loss was quantified at $214 million by the team,” she elaborated.
The IMF representative pointed out that these losses were influenced by trading activities, related fees, and fluctuations in exchange rates.
She emphasized that although these losses are not currently reflected in government accounts, they ultimately impose a financial burden on the state.
To remedy the situation, the IMF has advised enhanced transparency, governance, and risk management practices, especially concerning operations associated with the GoldBod under the domestic gold purchase initiative.
Kozack also encouraged the government to officially acknowledge such losses on the national fiscal balance sheet instead of allowing them to remain recorded on the Bank of Ghana’s books.
“We highly advise that losses be recorded on the balance sheet instead of being retained on the Central Bank’s balance sheet. This is crucial to ensure the stability of the Bank of Ghana,” she stated.
In the meantime, the IMF has conveyed strong assurance regarding Ghana’s overall economic performance in 2025, characterizing the nation’s advancement under the Fund-supported program as promising.
Dr. Adrian Alter, the IMF Resident Representative in Ghana, remarked that the economy has outperformed the expectations of numerous analysts.
“Ghana’s program remains robust and on schedule, with the fifth review completed and disbursement scheduled for the end of December,” Dr. Alter noted.
His remarks addressed concerns that Ghana’s recent economic improvements might have been exaggerated or artificially bolstered by IMF interventions.
The Fund indicated that essential macroeconomic indicators – such as inflation management, currency stability, and fiscal consolidation – have shown significant improvement, demonstrating the success of ongoing reforms.
Consequently, the IMF has sustained its cautious optimism regarding Ghana’s economic recovery path, while emphasizing the necessity for continued discipline, accountability, and transparency in the management of public resources.
