IMF-reported DGPP losses were necessary for economic recovery – Sagnarigu MP

Sagnarigu Member of Parliament, Attah Issah, has defended the financial losses incurred from the Domestic Gold Purchase Programme (DGPP) as necessary for Ghana's economic recovery, according to the International Monetary Fund (IMF). He argued that the programme should not be evaluated solely on monetary losses, but also on its broader economic impact, including boosting foreign exchange reserves, reinforcing the cedi, and decreasing inflation.

Issah emphasized that the government was aware from the beginning that stabilizing the economy would involve costs, stating, "We were very clear from day one that there was a cost attached to fiscal stabilisation." He stressed that the programme adhered to the Bank of Ghana's primary mandates of maintaining price stability and promoting macroeconomic growth and development.

Issah dismissed concerns that the programme's benefits were superficial, pointing out that the significant reduction in inflation has led to substantial improvements in the income of ordinary Ghanaians. Responding to the IMF's assessment of a $1.7 billion loss in 2025, which constitutes 1.5% of Ghana's GDP, Issah highlighted the exchange rate incentives and premiums under the programme as strategic measures to discourage gold smuggling.

He emphasized that the losses were intentional to thwart illicit activities, and thus, should not be viewed merely as a financial burden or increased national debt.