Governor of the Bank of Ghana, Dr Johnson Asiama, has strongly defended Ghana’s domestic gold purchase initiatives, describing them as deliberate and necessary interventions introduced at a time of severe economic distress.
Delivering the keynote address at the opening of the University of Ghana’s 77th Annual New Year School and Conference (ANYSC) on Tuesday, January 6, 2026, Dr Asiama responded to heightened public scrutiny surrounding the operations of the Gold Board and related programmes.
He explained that the Domestic Gold Purchase Programme (DGPP) was conceived during a period of “stress and transition,” when Ghana’s conventional economic buffers were weakening and confidence in the economy was fragile.
“As you will recall, the domestic gold purchase programme was introduced at a moment of acute vulnerability, when foreign exchange buffers were thin and confidence was under significant pressure,” the Governor said.
According to him, the initiative was not a routine policy decision but a critical response aimed at leveraging Ghana’s natural resources to rebuild foreign exchange reserves, stabilise the cedi and create fiscal space for economic recovery.
Dr Asiama maintained that, judged by these objectives, the programme has played a central role in restoring recent macroeconomic stability. However, he was candid about the cost implications for the central bank.
He acknowledged that the Bank of Ghana had borne a substantial financial burden in sustaining the Gold-for-Oil (G4O) and Gold-for-Reserves (G4R) frameworks in order to shield the broader economy from deeper shocks.
“It is important to be honest that this stability came at a cost,” he said. “That cost was deliberately accepted in the national interest.”
The Governor outlined several policy adjustments implemented in 2025 to improve the effectiveness and integrity of the programme. These included the discontinuation of the Gold-for-Oil scheme and refinements to the Gold-for-Reserves framework.
He cited key reforms such as the introduction of “payment before release” measures to reduce settlement risk, adjustments to pricing through reduced agency discounts, the rollout of a Gold FX option mechanism to enhance transparency in foreign exchange flows, and stronger governance and risk controls within the small-scale and artisanal mining sector.
Looking ahead to 2026, Dr Asiama stressed that the sustainability of the programme could no longer rest solely on the central bank.
“Going forward, responsibility will be shared so that sustainability does not depend on any single institution,” he said, adding that the programme would be more firmly anchored within the broader Government of Ghana framework.
Responding to critics, including policy analyst Bright Simons, who recently cited a reported US$214 million loss linked to the gold transactions, Dr Asiama called for informed, evidence-based debate.
To support this, he announced plans for a joint policy workshop involving the Bank of Ghana, the Gold Board and the Ministry of Finance.
The forum will bring together experts and market practitioners to review the programme and align Ghana’s approach with international best practices.
Reflecting on the broader economic outlook, the Governor said while 2025 was focused on restoring confidence, 2026 must be about using that confidence judiciously to build a more resilient, inclusive and competitive Ghanaian economy.
