The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has asserted that national economic policies must remain as fluid and ambitious as the aspirations of the Ghanaian people.
Speaking at the 77th Annual New Year School and Conference (ANYSC) at the University of Ghana, the Governor defended the central bank’s pivot toward more refined and transparent gold-purchasing frameworks.
Addressing an audience of academics, policymakers, and civil society on Tuesday, January 6, 2026, Dr. Asiama emphasized that the controversial Domestic Gold Purchase Programme (DGPP) was never intended to be static. Instead, he framed it as an evolving response to a nation in transition.
A central theme of the Governor’s address was the necessity of policy adaptation.
He argued that while certain measures were vital during crises, they must be overhauled as the national landscape shifts.
“National priorities do not stand still, and neither should policies that support them,” Dr. Asiama declared. “Hence, several measures were taken during last year in 2025 to refine the DGPP.”
He highlighted that the Gold-for-Oil (G4O) program was officially canceled in 2025 as part of this evolution, while the Gold-for-Reserves (G4R) initiative underwent significant technical refinements to better serve the national interest.
Recounting the origins of the gold board concept, the Governor reminded the public that the program was birthed at a “moment of acute vulnerability” characterized by thinning foreign exchange buffers and fragile market confidence.
The primary goal was to leverage Ghana’s natural endowment to stabilize the Cedi and replenish reserves.
While acknowledging that the central bank carried a heavy financial burden to maintain this stability, he described it as a deliberate choice made to protect the wider economy.
Now that the “Gold Board” is fully operational and embedded in the macroeconomic framework, the focus has shifted from mere existence to sophisticated governance.
As Ghana enters 2026, the Governor signaled that the era of the Bank of Ghana acting as the sole bearer of this strategic policy is ending. He called for a broader, more inclusive governance structure where responsibility is shared across the Ministry of Finance and other state institutions.
In a concluding rally for intellectual engagement, Dr. Asiama encouraged “informed debates” and “evidence-based analysis” regarding the DGPP.
He announced that the BoG, in partnership with the Gold Board, will convene a policy workshop featuring market practitioners and global experts to ensure Ghana’s policies remain world-class.
“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,” the Governor concluded.
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