Bank of Ghana is making preparation to stop engaging with small scale gold Traders and businesses starting from the 1st of January 2026 marking a significant shift in Ghana’s gold sector.
Dr Johnson Asiama who is the governor has already made a submission of a proposal to the BoG board since November, 2025to exit the Artisanal Small Scale Gold Mining (ASGM) gold trading segment under the Domestic Gold Purchase Programme (DGPP), and the proposal received approval. The central bank will continue its broader DGPP operations while fully transferring the small scale segment to the Ghana Gold Board (GoldBod).
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Sources within the financial sector say the Bank of Ghana is stepping back from parts of the Domestic Gold Purchase Programme so it can concentrate on what it sees as its main job managing inflation and keeping prices stable. Officials insist this move has nothing to do with pressure from outside or criticism, but is simply part of an internal reshuffle of responsibilities.
As outlined in the 2025 Budget, Finance Minister Dr Ato Forson advanced about GH¢4.4 billion to the Ghana Gold Board (GoldBod). The funding is meant to help GoldBod take over full operations, allowing the central bank to stop carrying related costs from next year. By 2026, GoldBod is expected to be fully in charge of the gold value chain, selling gold proceeds in US dollars to the Bank of Ghana and receiving cedis in return to continue purchasing gold locally.
The handover is happening at a time when questions are being asked about the financial results of the gold programme. In its fifth staff review, the International Monetary Fund (IMF) reported that losses linked to artisanal and small-scale gold purchases under the Gold for Reserves programme had reached about $214 million within the first nine months of 2025.
That assessment, however, has been challenged by officials at the Bank of Ghana. A senior source described the IMF figures as incomplete and not fully reflective of reality, pointing out that the numbers are unaudited and tied to fluctuating gold prices and foreign exchange movements.
The central bank has also said it is too early to talk about losses linked specifically to GoldBod, stressing that its financial statements have not yet been published and that market conditions play a major role in any gains or setbacks.
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GoldBod’s Chief Executive Officer, Sammy Gyamfi, has also pushed back against claims of losses. According to him, the board ended 2025 in profit, with unaudited accounts showing an expected surplus of at least GH¢600 million.
He explained that GoldBod’s involvement during the year was mainly operational buying gold locally, checking its quality, and exporting it on behalf of the Bank of Ghana. The actual sale and trading of the gold, he said, remained the sole responsibility of the central bank.
GoldBod was formally set up under the Ghana Gold Board Act, 2025 (Act 1140), which received presidential assent on April 2, 2025. The law gives GoldBod exclusive authority to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals from artisanal and small-scale miners.
It also replaces the Precious Minerals Marketing Company and introduces a tighter licensing system that prioritises Ghanaian-owned companies and citizens, while effectively shutting out foreign nationals from local gold trading.
For now, players in the financial and mining sectors are watching closely. As Ghana reshapes how gold moves from the pits to the markets, the bigger question remains how well this new structure will balance transparency, profitability, and the central bank’s wider economic responsibilities.
