Bank of Ghana, GoldBod, Finance Ministry to Review and Strengthen Domestic Gold Purchase Programme Framework
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced plans for the Central Bank, working alongside the Ghana Gold Board (GoldBod) and the Ministry of Finance, to hold a specialised policy workshop aimed at strengthening the Domestic Gold Purchase Programme (DGPP) in line with international benchmarks.
Dr Asiama made the disclosure while addressing participants at the 77th Annual New Year School at the University of Ghana on Tuesday, January 6, noting that the programme was introduced at a time when the economy was under considerable pressure.
According to him, the planned engagement will bring together policy experts, industry players, and regulators to evaluate how the DGPP can be further refined. “The Bank of Ghana, together with GoldBod and the Ministry of Finance, intends to organise a targeted policy workshop to examine how this national programme can be improved in line with best practices adopted elsewhere,” he said.
The Governor acknowledged that although the DGPP has encountered implementation challenges, it has contributed meaningfully to rebuilding confidence in the economy and supporting macroeconomic stability. He explained that the creation of GoldBod has enhanced coordination across the gold value chain, while the introduction of a gold foreign exchange auction has helped streamline and improve transparency in the intermediation of gold-related FX flows.
Dr Asiama further stressed the need for the Gold for Reserves programme to be more firmly embedded within the broader Government of Ghana policy framework as a shared national responsibility. He noted that sustainability should be ensured through coordinated institutional ownership rather than being concentrated within a single entity.
He further encouraged open and constructive discourse around the programme, calling for data-driven assessments and a broad range of views to inform policy improvements. “We welcome informed discussions, evidence-based analysis, and diverse perspectives on important interventions such as the DGPP,” he stated.
The Domestic Gold Purchase Programme, which was launched by the Bank of Ghana on June 17, 2021, is a key policy initiative designed to build foreign exchange reserves through the domestic sourcing of gold. The programme also aims to reduce reliance on the US dollar, support exchange rate stability, and formalise activities within the small-scale mining sector by offering fair pricing and a reliable market for gold, thereby discouraging illegal smuggling.
Since its introduction, the DGPP has led to a substantial increase in Ghana’s gold holdings, with reserves rising from 8.74 tonnes in 2021 to more than 34 tonnes by 2025, reinforcing the country’s external buffers and supporting broader macroeconomic objectives.
