Bank of Ghana Governor Calls for Gold-for-Reserves Programme Reforms | By David Kwakutse
The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has urged a broad, unified national effort to reform the country’s gold-based reserve accumulation framework, warning that inefficiencies in the Gold-for-Reserves programme risk undermining its long-term stabilisation role.
Addressing the Public Accounts Committee of Parliament in Accra this on January 12, 2026, Dr Asiama said the programme, designed to build Ghana’s foreign exchange buffers and support the cedi, remains critical, despite recording substantial financial losses since inception.
“The losses should not be a source of blame but rather a rallying point for collective action,” Dr Asiama told lawmakers, calling on policymakers, regulators and industry stakeholders to work together to sharpen efficiency and strengthen implementation.
Under the current model, the Gold-for-Reserves initiative has amassed significant gold holdings, 110.99 tonnes valued at approximately US$11.399 billion by 2025, but has also posted cumulative losses of GHS4.893 billion over recent years, including GHS3.893 billion in 2024 alone, BoG data shows.
Dr Asiama emphasised that the programme’s core objective, diversifying foreign exchange reserves and bolstering macroeconomic stability, remains valid, even as reforms are pursued to reduce costs and improve sustainability. He noted that certain expenses currently absorbed by the central bank should instead be factored into the national budget to ease financial pressure on the BoG.
The Governor also outlined planned consultations with the Ghana Gold Board (GoldBod) and other stakeholders to address operational challenges and improve the efficiency of gold-based reserve mechanisms.
