The Bank of Ghana (BoG), in collaboration with the Ministry of Finance and the Ghana Gold Board (GoldBod), has announced plans to convene a targeted policy workshop to reassess the country’s Domestic Gold Purchase Programme (DGPP) and chart a more sustainable path forward.
The move comes in the middle of ongoing debates about the effectiveness, cost, and strategic role of the gold purchase initiative, which has been central to Ghana’s efforts to bolster foreign exchange reserves and stabilize the cedi following severe economic pressures in recent years.
During his keynote address at the University of Ghana’s 77th Annual New Year School on Tuesday, BoG Governor Johnson Pandit Asiama said the planned workshop will bring together policymakers, experts and market participants to examine how the DGPP can be refined to align with global standards and national priorities.
“The Bank of Ghana, working with the GoldBod and the Ministry of Finance, we intend to convene a focused policy workshop with experts, market practitioners, and policymakers to examine how this national priority can be refined further in line with best practices elsewhere,” Asiama explained.
He added that while the programme has contributed to restoring economic confidence, challenges remain on sustainability, coordination and long‑term impact.
Asiama offered a robust defence of the DGPP’s genesis, emphasising that it was launched at a particularly “moment of acute vulnerability” for Ghana’s economy when foreign exchange buffers were depleted, and investor confidence was fragile.
Introduced to leverage Ghana’s rich gold endowment to build reserves, support currency stability and create fiscal space for recovery, the programme has evolved with adjustments to frameworks such as the Gold‑for‑Reserves (G4R) mechanism.
Despite its stated achievements, the programme has attracted criticism domestically and internationally. Some analysts and stakeholders have raised concerns about operational costs, financial sustainability and long‑term efficacy, with calls for broader institutional ownership beyond the central bank. The upcoming workshop aims to address these concerns and bolster transparency and accountability.
Governor Asiama underscored that “responsibility will be shared in such a way that sustainability does not rest on any single institution,” highlighting the government’s intention to anchor the programme more firmly within the broader economic policy framework.
Ghana continues to navigate global economic uncertainties, and the DGPP remains a high‑profile policy instrument with implications for foreign reserves, currency stability, and investor confidence. The policy workshop is expected to reshape the governance and implementation of gold‑based monetary tools.
