Governor of Bank of Ghana calls for reforms in Gold-Reserve programme to enhance efficiency 

Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), has urged stakeholders to pursue reforms aimed at improving efficiency in the country’s gold-reserve programme rather than apportioning blame over losses incurred. 

Addressing the Public Accounts Committee of Parliament on Monday, Dr Asiama explained that the gold-reserve scheme and its complementary gold-for-oil programme were designed to build up Ghana’s gold reserves as a buffer to stabilise the cedi. 

He disclosed that an audit of the gold-reserve programme is currently underway, with the final report expected in March 2026. 

The Governor revealed that the programme recorded net losses of GH¢1.8 billion in 2024, GH¢317.6 million in 2023, and GH¢744.4 million in 2022.  

He attributed the losses to inherent costs in the trading model, which the Central Bank largely absorbed. 

Dr Asiama emphasised that while the programme had faced challenges, it remained a strategic initiative for Ghana’s economic stability. 

He called for a unified approach among policymakers, regulators, and industry players to ensure the scheme delivers long-term benefits to the economy. 

“The focus should be on reforms that strengthen the programme’s efficiency so it can serve its intended purpose of stabilising the currency and supporting national development,” he said. 

Source: GNA 

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