The Bank of Ghana (BoG) has called for a coordinated national effort to reform the Domestic Gold Purchase Programme and its Gold-for-Reserves framework. Governor Dr. Johnson Asiama made the call following disclosures of significant financial losses linked to the initiative.
According to the BoG, the programmes recorded cumulative losses of GH¢7.1 billion between 2022 and 2024. The figures have renewed debate over the sustainability and management of the gold-backed reserve strategy.
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GH¢7.1bn Losses Recorded Between 2022 and 2024
Data released by the central bank show net losses of GH¢74.44 million in 2022, GH¢1.372 billion in 2023, and GH¢5.662 billion in 2024. These figures emerged as Dr. Asiama appeared before Parliament’s Public Accounts Committee on Monday, January 12.
He explained that the losses did not originate in 2025 and warned against focusing on blame. Instead, he urged stakeholders to prioritize solutions that protect national resources and improve programme efficiency.
BoG Says Programme Can Still Support Economic Stability
Dr. Asiama stressed that the Gold-for-Reserves programme can still benefit Ghana if properly restructured. He said reforms could strengthen foreign reserves and support broader economic stabilization efforts.
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“Our appeal is to move in a unified manner,” he said. “We want everyone to get on board to reform this better and sharpen its efficiency so it supports economic stabilisation and reserve build-up.”
Central Bank to Engage GoldBod and Parliament
The BoG Governor announced plans to engage the Ghana Gold Board (GoldBod) and other key stakeholders to review the programme. He also invited experts in Parliament to participate in the reform process, emphasizing transparency and collaboration.
He noted that the central bank already introduced measures last year to reduce operational charges and wants to build on those steps in 2025.
Warning Against Abandoning the Programme
Dr. Asiama cautioned that scrapping the programme could worsen gold smuggling and revenue leakages. He described losses from illegal gold exports as “mind-blowing” and said abandoning the space would benefit smugglers.
“I believe it can be a win-win,” he said. “Rather than leave this space to smugglers, we must work together and strengthen the system.”
