Accra: Dr Johnson Asiama, Governor of the Bank of Ghana, has highlighted the positive impact of reforms to the Ghana Gold Board (GoldBod) and the domestic gold purchase programme on the nation's economic stability. Speaking at the 77th Annual New Year School and Conference at the University of Ghana, Dr Asiama emphasized that these reforms have bolstered external reserves and stabilized the cedi, despite initial costs to the nation.
According to Ghana News Agency, Dr Asiama stated that the GoldBod is now fully integrated into Ghana's macroeconomic framework, transforming how the country capitalizes on its gold resources to strengthen its external financial buffers. He explained that the domestic gold purchase programme was introduced during a period of economic vulnerability to stabilize the currency and rebuild reserves by leveraging Ghana's natural gold endowment.
Dr Asiama noted that the Bank of Ghana made a deliberate choice to bear the financial costs associated with this strategic policy to restore confidence and protect the wider economy. Addressing criticisms over alleged losses under the Gold-for-Reserves arrangements, he mentioned that several corrective measures were implemented in 2025. These included the cancellation of the G4 Gold arrangement and enhancements to the Gold-for-Reserves framework to improve governance and risk management.
Further reforms involved refining pricing structures and enhancing coordination across the gold value chain through GoldBod's institutional role. Dr Asiama also introduced a gold foreign exchange auction mechanism to promote structured and transparent intermediation of gold-related FX flows.
Looking forward, Dr Asiama indicated that the programme would be more firmly anchored within the broader Government of Ghana framework, with collaboration among key institutions to ensure its sustainability. He encouraged informed debate and evidence-based analysis on such critical national programmes, announcing plans for a policy workshop with experts and market practitioners to refine the programme further.
He concluded by linking the economic stability recorded in 2025 to future growth prospects, emphasizing the need to build on restored confidence for productive outcomes in 2026. The 77th New Year School and Conference, which brings together diverse stakeholders to discuss Ghana's sustainable development, is expected to generate recommendations to guide government policy in the coming year.