The International Monetary Fund has called on Ghana to maintain a prudent monetary policy stance to help firmly anchor inflation expectations and preserve macroeconomic stability.
The recommendation follows an IMF mission visit to Ghana from April 29 to May 15, 2026, led by IMF staff team head Ruben Atoyan.
According to the Fund, strengthening confidence in monetary policy and improving policy transmission will depend heavily on reinforcing the financial position of the Bank of Ghana.
IMF raises concerns over gold purchase programme
The IMF specifically highlighted risks associated with the Domestic Gold Purchase Programme (DGPP), warning that losses linked to the initiative demonstrate the need for greater transparency and tighter controls over quasi-fiscal activities.
“The losses associated with the Domestic Gold Purchase Programme underscore the importance of increasing transparency and limiting quasi-fiscal activities that weaken the central bank’s balance sheet,” the Fund stated.
It further advised that future costs related to the programme should be properly recognised in the national budget to strengthen accountability and oversight.
“Efforts to protect the Bank of Ghana’s balance sheet from DGPP-related quasi-fiscal risks and budget recognition of future costs would help enhance accountability and oversight,” the IMF added.
Financial sector stability remains priority
The IMF also stressed the importance of safeguarding financial sector stability as Ghana continues post-debt restructuring reforms.
The Fund welcomed recent progress made in bank recapitalisation efforts, the gradual withdrawal of temporary regulatory forbearance measures introduced during the domestic debt exchange programme, and increased supervision of weaker financial institutions.
However, it cautioned that vulnerabilities remain within parts of the banking sector.
“Continued vigilance is essential to address the remaining vulnerabilities,” the IMF said, citing the need to reduce high non-performing loans and support sustainable credit growth.
The Bretton Woods institution also encouraged Ghana to continue restructuring state-owned banks and specialised deposit-taking institutions to strengthen long-term financial sector resilience.
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