Introduction to the Bank of Ghana’s New Policy
The Bank of Ghana (BoG) has announced that it will no longer engage in small-scale gold trading starting from January 1, 2026. This decision marks a significant shift in the country’s gold sector operations. The central bank will continue its broader Domestic Gold Purchase Programme (DGPP) operations while transferring the small-scale segment to the Ghana Gold Board (GoldBod).
Background to the Decision
The Governor of the Bank of Ghana, Dr. Johnson Asiama, submitted a proposal to the BoG board in November 2025 to exit the Artisanal Small Scale Gold Mining (ASGM) gold trading segment under the DGPP. The proposal was approved, and the central bank will now focus on other segments of the DGPP as well as its core mandate of inflation targeting and price stability. According to officials, the decision was made due to strategic restructuring rather than external criticism.
Impact of the Decision
The move will allow the Bank of Ghana to concentrate on its core functions, while the Ghana Gold Board takes over the small-scale gold trading segment. The Finance Minister, Dr. Ato Forson, has advanced approximately 4.4 billion cedis to GoldBod in the 2025 Budget to enable the board to assume full operations. In 2026, GoldBod will control the entire gold supply chain and sell the gold proceeds in US dollars to the Bank of Ghana in exchange for cedis for subsequent gold purchases.
Debate Over Financial Performance
The decision comes amid debate over the financial performance of the gold program. The International Monetary Fund (IMF) has noted that losses from artisanal and small-scale gold transactions under the Gold for Reserves program reached $214 million within the first nine months of 2025. However, a senior official at the bank has disputed the IMF’s claim, stating that the figures are not audited and involve dynamic gold and foreign exchange markets.
Response from GoldBod
The Chief Executive Officer of GoldBod, Sammy Gyamfi, has stated that the board has made no losses and recorded profits in 2025. According to unaudited financial statements, GoldBod expects an income surplus of not less than 600 million cedis. Gyamfi explained that GoldBod’s role in 2025 was limited to buying gold locally, testing its quality, and exporting it for the Bank of Ghana, while the sale and trading of the gold remained the central bank’s sole responsibility.
The Ghana Gold Board
The Ghana Gold Board was established under the Ghana Gold Board Act, 2025 (Act 1140), which was assented to on April 2, 2025. The legislation granted GoldBod exclusive authority to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals from artisanal and small-scale operations. The Act replaced the Precious Minerals Marketing Company and introduced a robust licensing regime prioritizing Ghanaian companies and citizens while barring foreign nationals from local gold trading.
Conclusion
The Bank of Ghana’s decision to exit the small-scale gold trading segment marks a significant shift in the country’s gold sector operations. As the Ghana Gold Board takes over the small-scale segment, the central bank will focus on its core functions and other segments of the DGPP. The transition is being closely monitored by financial sector stakeholders as Ghana restructures its gold value chain and aligns central bank priorities with broader economic objectives. The outcome of this decision will be crucial in determining the future of the gold sector in Ghana.
