Ghana’s central bank governor has called for a review of the Ghana Gold Board’s (GOLDBOD) trading model and proposed direct budgetary support from the finance ministry to sustain the country’s gold-for-reserves programme, amid mounting scrutiny over losses absorbed by the Bank of Ghana (BoG).
Governor Johnson Asiama told Parliament’s Public Accounts Committee on Monday (12 January) that while GoldBod’s operations had helped boost Ghana’s foreign reserves, the current financing structure was placing undue financial pressure on the central bank.
“It’s not a question of shutting it down, but enhancing its efficiency by looking at the inefficiencies and taking them out,” Asiama said.
He suggested the Ministry of Finance consider making budgetary allocations to cover operational costs, arguing that the programme serves a national objective by supporting reserve accumulation.
GOLDBOD plays a central role in Ghana’s Gold for Reserves initiative, under which gold purchased from artisanal and small-scale miners is used to bolster the country’s foreign reserves.
Asiama said the programme’s impact on reserves was evident and stressed the need for a coordinated national approach to make it sustainable.
“The objective was to help us build reserves, and the evidence is clear,” he said, adding that the BoG had already taken steps to reduce inefficiencies and limit losses.
The comments follow revelations in the International Monetary Fund’s fifth review of Ghana’s ongoing IMF-supported programme, which said losses linked to artisanal and small-scale gold transactions had reached $214 million by the end of September 2025.
While GOLDBOD itself has reported profits, the IMF noted that much of the financial burden has been borne by the central bank, which absorbed the losses associated with the transactions.
The issue has sparked political debate, with Parliament’s Majority Caucus rejecting the IMF’s characterisation of the losses.
Lawmakers said the amount cited represented transactional and insurance costs incurred by GOLDBOD during its gold trading activities in 2025, rather than operational losses.
Asiama said a policy rethink was needed to prevent further strain on the central bank, calling for consensus on how the programme should be financed in the national interest.
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