The Deputy Ranking Member of Parliament’s Finance Committee, Dr Gideon Boako, has raised concerns over the financial implications of Ghana’s Domestic Gold Purchase Programme, citing findings from the International Monetary Fund (IMF) on the initiative.
In his latest economic commentary, “The Boako Economic Digest – #001/26”, the Tano North Member of Parliament said the IMF acknowledged that the Domestic Gold Purchase Programme had helped strengthen Ghana’s foreign reserves and supported exchange-rate stability.
However, he noted that the Fund estimated the programme also generated financial losses of about $1.7 billion, equivalent to 1.5 per cent of Ghana’s Gross Domestic Product (GDP).
According to Dr Boako, the losses weakened the Bank of Ghana’s balance sheet through assay costs, fees paid to the Ghana Gold Board (GoldBod), and discounts on gold sold to exporters.
He further stated that, according to the IMF assessment, responsibility for these losses had been transferred to GoldBod for onward absorption by government from July 2026.
Dr Boako said the development raised important questions about fiscal risk management, transparency, and accountability in the management of the gold programme.
He also highlighted concerns raised by the IMF regarding illegal mining, which he said continues to deprive Ghana of billions of dollars in export earnings through gold smuggling while causing severe environmental damage, including the destruction of agricultural land, pollution of water bodies, and threats to cocoa production.
The Finance Committee’s Deputy Ranking Member added that the IMF believes the Bank of Ghana continues to carry significant losses and negative equity resulting from quasi-fiscal operations and the domestic debt restructuring programme.
He said restoring the central bank’s financial health, alongside comprehensive reforms in the energy sector and broader institutional improvements, would be critical to securing Ghana’s long-term economic resilience.
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