The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced plans by the Central Bank, in collaboration with the Gold Board and the Ministry of Finance, to convene a focused policy workshop to review and refine the Domestic Gold Purchase Programme (DGPP) in line with international best practices.
Speaking at the 77th Annual New Year School at the University of Ghana, Dr Asiama explained that the workshop will bring together experts, market practitioners and policymakers to conduct evidence-based analysis of the programme and incorporate diverse perspectives to strengthen its long-term sustainability.
“Looking ahead to 2026, the G4R must be anchored more firmly within the broader government framework as a national priority, and responsibility must be shared in a way that sustainability does not rest on any single institution.
“We encourage evidence-based analysis and diverse perspectives on such a critical programm thus the DGPP, and in that spirit, the Bank of Ghana, working with the Gold Board and the Ministry of Finance, intends to convene a focused policy workshop with experts, market practitioners and policymakers to examine how this national priority can be further refined in line with best practices elsewhere,” he said.
He noted that the DGPP was introduced at a time of acute vulnerability for the Ghanaian economy, when foreign exchange buffers were severely depleted and market confidence was fragile.
According to the Governor, the programme served a clear and strategic purpose by leveraging Ghana’s natural resources to strengthen external reserves, stabilise the cedi and create fiscal space to support economic recovery. Judged against these objectives, he said, the DGPP has been a cornerstone of the country’s recent macroeconomic stability.
However, Dr Asiama was candid about the cost implications of the programme, acknowledging that the stability achieved came at a significant financial burden to the Central Bank.
“It is also important to be candid that this stability came at a cost,” he stated. “Indeed, that was a deliberate choice taken in the national interest.”
He explained that the Bank of Ghana had to shoulder the financial burden of sustaining the Gold-for-Oil (G4O) and Gold-for-Reserves (G4R) frameworks in order to protect the broader economy and restore market confidence.
Dr Asiama disclosed that throughout 2025, the Bank undertook major policy adjustments to optimise the programme. These included the cancellation of the G4O scheme and further refinement of the G4R framework.
Among the key improvements implemented were measures to reduce settlement risk through “payment before release” requirements, improved pricing via reduced discount agency charges, and enhanced transparency through the introduction of a Gold FX option mechanism to ensure more structured foreign exchange flows. He also highlighted strengthened governance and risk management within the artisanal and small-scale mining segment.
Addressing the future of the programme, the Governor stressed that from 2026, responsibility for the DGPP must no longer rest solely with the Bank of Ghana.
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