The Bank of Ghana (BoG) plans to re-anchor its flagship gold-backed stabilization program within a broader government framework, a shift away from the central bank carrying the financial and operational burden of a strategy that helped steady the economy during a period of acute stress.
Governor Dr. Johnson Pandit Asiama said the domestic gold purchase program, introduced when foreign exchange markets were fragile and confidence was weak, has moved from concept to full operation and is now embedded in Ghana’s macroeconomic framework. The focus, he said, should no longer be on whether the program should exist, but on how it is governed, refined and sustained in the national interest.
Speaking at the 77th Annual New Year’s School and Conference at the University of Ghana, Dr. Asiama framed monetary policy as an enabler rather than an end in itself, arguing that the relative macroeconomic stability achieved in 2025 must now be put to productive use. “If the past year was about restoring confidence, then 2026 must be about putting that confidence to work carefully and with integrity,” he said.
The gold initiative, launched at the height of Ghana’s economic vulnerability, was designed to bolster foreign reserves, stabilize the cedi and support recovery by leveraging the country’s gold resources. Dr. Asiama said it played a “vital role” in that stabilization effort, though he acknowledged it came at a cost.
Under the program’s original structure, which included multiple components such as gold-for-oil and gold-for-forex arrangements, the central bank absorbed significant financial risks to protect off-take agreements and restore market confidence. That burden, he said, was a deliberate national choice at the time.
Over the past year, authorities have moved to refine the framework. The gold-for-oil component was canceled, while other elements were restructured to strengthen governance, transparency and risk management, particularly in the artisanal and small-scale mining sector. Settlement risks were reduced, pricing improved through lower discounts and fees, and coordination across the gold value chain was tightened. A new gold foreign-exchange auction mechanism was also introduced to bring more structure and transparency to international gold trading.
Dr. Asiama said the remaining gold-for-reserves program must be more firmly anchored across government institutions so that sustainability does not rest on the Bank of Ghana alone. The central bank, working with the Gold Board and the Finance Ministry, plans to convene a policy workshop bringing together market practitioners, legal experts and policymakers to review best practices and future options.
Dr. Asiama’s comments comes within a broader policy recalibration as Ghana seeks to transition from crisis management to longer-term growth. He stressed that development requires collaboration beyond government, calling for informed debate and evidence-based policy as the country builds on recent stability.
“The Ghana we want cannot be built by government alone,” he said, adding that sound institutions and shared responsibility will determine whether the gains of 2025 translate into a more resilient and competitive economy in 2026.
