{
  "id": 3203224,
  "title": "IMF urges tighter controls over GoldBod programme amid concerns over BoG losses",
  "url": "https://urgent.news/2026/08/25/imf-urges-tighter-controls-over-goldbod-programme-amid-concerns-over",
  "topic": "world",
  "section": "World",
  "published": "2026-08-25T06:05:17.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/imf-urges-tighter-controls-over-goldbod-programme-amid-concerns-over-bog-losses/"
  },
  "original_language": "en",
  "account": "The International Monetary Fund (IMF) has urged for stricter oversight and increased transparency in Ghana’s Domestic Gold Purchase Programme (DGPP), highlighting that the financial burdens of the scheme have put strain on the Bank of Ghana’s (BoG) financial position. Dr Adrian Alter, the IMF Resident Representative in Ghana, revealed that the DGPP had resulted in significant losses for the central bank, contributing to a deterioration in its financial standing. At the conclusion of 2025, the BoG's equity was recorded at approximately 7%, primarily due to the losses accumulated through the Domestic Debt Exchange Programme (DDEP) and the DGPP. Dr Alter highlighted during an interview on Channel One TV the vital role gold exports play in Ghana's economic revival, as they have bolstered the cedi, boosted foreign exchange inflows, and enabled the country to restore its international reserves. However, he cautioned that while the gold-related activities have yielded positive outcomes, they also carry associated costs and risks that must not be overlooked. Dr Alter emphasized the necessity for enhanced scrutiny of the design and implementation of such programmes. He stressed the importance of robust governance, transparency, and reporting mechanisms to address the financial implications borne by the programme. Additionally, he cautioned about the central bank's engagement in what he termed \"quasi-fiscal activities,\" suggesting that such operations could weaken the BoG's financial stability, potentially impairing its capacity to manage monetary and exchange-rate stabilization effectively. The IMF representative also underscored the critical need to safeguard the independence of the BoG and prevent the central bank from becoming a financier for government entities. He argued that the government should seek funding from financial markets and commercial banks instead of relying on the BoG. Dr Alter pointed out that the gold buying and selling functions, which were once managed by the BoG, have now been transferred to the Ghana Gold Board (GoldBod), effectively segregating these activities from the central bank's primary mandate. His remarks followed an IMF assessment indicating that the DGPP incurred losses amounting to about GH¢22 billion, which is equivalent to roughly US$1.7 billion in 2025.",
  "summary": "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.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}