The Bank of Ghana has announced a series of reforms to improve pricing and operational efficiency in the downstream segment of its Domestic Gold Purchase Programme (DGPP), beginning January 2026. The reforms, approved by the Bank’s Board, aim to reduce intermediation fees, enhance cost-efficiency, and ensure competitive yet economically sound gold buying prices.
According to a public notice issued on December 25, the reforms will be fully resourced under the 2026 national budget to sustain the GOLDBOD framework, which serves as the aggregator for gold inflows from the small-scale mining sector. The Bank emphasized that these changes are essential to maintaining operational discipline and long-term viability.
The announcement comes days after the successful completion of the 5th Review of Ghana’s IMF Extended Credit Facility (ECF)-supported programme. In a press release dated December 17, the Bank highlighted that the IMF commended Ghana’s macroeconomic progress, noting stronger-than-expected GDP growth, declining inflation within target range, and steadily rising international reserves.
Tentative data from mid-December suggest reserves could exceed US$13 billion by year-end, boosting investor confidence. The IMF also praised the Bank’s new foreign exchange operations framework, which separates reserve accumulation from market intermediation and enhances transparency.
While the IMF flagged financial risks associated with the DGPP, the Bank of Ghana defended the programme’s strategic value, citing its role in stabilizing the currency and securing foreign exchange without incurring new debt.
The Bank also addressed recent speculation about losses from gold operations in 2025, clarifying that it is currently undergoing its annual external audit. Final figures will be disclosed in the audited financial statements to be published next year, in line with statutory requirements.
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