By 
The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has offered a vigorous defense of the nation’s domestic gold purchase initiatives, revealing that the strategic move was a deliberate choice birthed during a period of extreme economic peril.
Delivering the keynote remarks at the opening of the University of Ghana’s 77th Annual New Year School and Conference (ANYSC) on Tuesday, January 6, 2026, Dr. Asiama addressed the intense national scrutiny surrounding the Gold Board.
He asserted that the program’s inception was not a matter of routine policy but a vital intervention for a nation under siege.
Dr. Asiama provided a rare look back at the “stress and transition” that necessitated the Domestic Gold Purchase Programme (DGPP).
He noted that the policy was forged at a time when Ghana’s traditional economic defenses were failing.
“As you will remember, the domestic gold purchase programme was introduced at a moment of acute vulnerability, and this was when foreign exchange buffers became thin and confidence was fragile,” the Governor recalled.
He explained that the programme served a “clear purpose” of leveraging Ghana’s natural endowments to strengthen reserves, stabilize the Cedi, and create the necessary fiscal space for recovery.
Judging by these objectives, he maintained that the programme has been a cornerstone of the country’s recent stability.
While touting the programme’s success in restoring market confidence, Dr. Asiama was candid about the fiscal toll it took on the central bank.
He acknowledged that the Bank of Ghana had to shoulder the “financial burden” of maintaining the Gold-for-Oil (G4O) and Gold-for-Reserves (G4R) frameworks to protect the wider economy.
“It is also important to be candid that this stability came at a cost,” he noted, referring to the setup of the DGPP.
“Indeed, that was a deliberate choice taken in the national interest.”
The Governor detailed significant policy pivots executed throughout 2025 to optimize the programme.
These included the cancellation of the G4O (Gold-for-Oil) scheme and the refinement of the G4R framework.
Key improvements highlighted include:
- Reduced Settlement Risk: Implementation of “payment before release” requirements.
- Improved Pricing: Reductions in discount agency charges to reflect market accuracy.
- Transparency: Introduction of a Gold FX option mechanism for more structured foreign exchange flows.
- Small-Scale Regulation: Strengthening governance and risk management within the artisanal mining segment.
Looking toward the 2026 fiscal year, Dr. Asiama argued that the responsibility for the program must no longer rest on the BoG alone.
“Responsibility will be shared in such a way that sustainability does not rest on any single institution,” he insisted, calling for the program to be anchored firmly within the broader Government of Ghana framework.
Addressing critics like Bright Simons, who recently highlighted a US$214 millionloss associated with these trades, the Governor encouraged informed debates and evidence-based analysis.
To facilitate this, he announced that the BoG, in collaboration with the Gold Board and the Ministry of Finance, will soon convene a focused policy workshop. This session will bring together experts and market practitioners to align Ghana’s strategy with international best practices.
“In the past, year 2025 was about restoring confidence in the economy. Then the year 2026 must be about putting that confidence and with judgment in service of a more resilient, inclusive and competitive Ghanaian economy,” Dr. Asiama concluded.
