Ghana turned to gold when foreign exchange reserves fell and confidence weakened. The Bank of Ghana launched the Domestic Gold Purchase Programme in 2021 to stabilise the cedi and rebuild reserves.
Governor Dr Johnson Asiama told Parliament the programme has mobilised over $17 billion in gold value so far. In 2025 alone, about 100 tonnes of gold generated nearly $10 billion in foreign exchange. He said the inflows boosted reserves, improved market liquidity and reduced pressure on inflation. The Governor stressed the programme was a stabilisation tool, not a profit-making venture.
Early losses, he explained, were due to timing, exchange-rate effects and transaction costs, not poor pricing. Recent reforms have reduced costs, strengthened controls and shifted more responsibility to GoldBod going forward.
About The Author
