In simple terms, the country earned substantially more foreign exchange from gold than it did just a few years ago. The IMF estimates that between 2019 and 2024, approximately 229 tonnes of gold valued at about US$11.4 billion were missing from Ghana’s official trade records due to smuggling. According to the report, gold-related foreign exchange inflows increased from approximately US$1.7 billion in 2023 to about US$12.7 billion in 2025. This improved liquidity within the foreign exchange market and made foreign currency more readily available to businesses and financial institutions. The report specifically associates the programme with stronger reserve accumulation, improved foreign exchange liquidity, exchange rate appreciation and enhanced debt sustainability.