Falling reserves force changes to Ghana’s gold and forex arrangements – IMF

Falling foreign exchange reserves have prompted Ghana to shift forex intermediation from the Bank of Ghana to GoldBod and require large-scale miners to sell more gold.

The International Monetary Fund disclosed the changes in a statement issued on Thursday, November 5. It said the measures were corrective actions taken in response to declining reserves in recent months.

The Fund wants sustained implementation of both measures, alongside greater exchange rate flexibility, to rebuild Ghana’s reserves.

The statement did not disclose the size of the reserve decline. It also gave no figure for the higher gold sale requirement.

The changes come months after Ghana completed its IMF bailout programme and moved to a 36-month Policy Coordination Instrument (PCI). The new arrangement provides no financing but supports continued economic reforms.

An IMF team led by Ruben Atoyan visited Accra from October 22 to November 4 for the PCI's first review.

“IMF staff and the Ghanaian authorities have reached staff-level agreement on the first review of the PCI,” Mr Atoyan said.

The agreement still requires approval from IMF Management and the Executive Board.

The Fund described programme performance as broadly satisfactory, with most quantitative targets met. But the reserve decline highlights continuing external pressures despite stronger economic indicators.

“Despite this progress, vulnerabilities persist, particularly from the external sector.”

Ghana remains exposed to swings in gold, cocoa and oil prices. Geopolitical tensions and tighter global financial conditions also pose risks.

At home, the IMF flagged substantial needs to refinance domestic debt. It also identified fiscal pressures in the energy, cocoa, and gold sectors, along with remaining weaknesses in the financial sector.

These risks persist despite 6.2 per cent economic growth in the first half of 2026. Full-year growth is projected at 5.7 per cent.

Inflation fell to 5.5 per cent in October, below the Bank of Ghana’s target range. The primary surplus is also on course to meet the year-end programme target.

The IMF said stronger reserves, prudent monetary policy and greater exchange rate flexibility remain essential to protecting these gains. It also called for a sinking fund to help repay maturing debt.

Ghana completed the final review of its $3 billion Extended Credit Facility programme in July. The transition to the PCI extended its reform relationship with the Fund beyond the bailout.

The first PCI review now puts rebuilding reserves firmly among the priorities for preserving that recovery.