BoG to exit small-scale gold trading from January 2026 - Report

Effective January 1, 2026, the Bank of Ghana is expected to exit the small-scale gold trading business.

According to a Joy Business report, the central bank will continue its Domestic Gold Purchase Programme (DGPP), but the small-scale segment will be ceded entirely to the Ghana Gold Board (GoldBod).

In November 2025, the Governor of the Bank of Ghana, Dr Johnson Asiama, submitted a proposal to the Board to exit the Artisanal Small-Scale Gold Mining (ASGM) gold trading segment under the DGPP and cede it fully to GoldBod. The proposal was subsequently approved.

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Sources say the move will allow the Bank of Ghana to focus on other segments of the DGPP as well as its core mandate of inflation targeting and price stability.

The sources further stated that the decision had nothing to do with the IMF publication, stressing that it was taken in November 2025.

According to a senior official at the Central Bank, the opinion expressed by the IMF was “not accurate.”

“We are dealing with gold and foreign exchange markets, which are dynamic, and the figures they put out are not audited,” the official noted.

Speaking to Joy Business, another senior official said the Bank of Ghana is not financing the activities of GoldBod, adding that “what the Bank of Ghana is doing is simply implementing its Domestic Gold Purchase Programme through GoldBod as an agent.”

It is expected that in 2026, GoldBod will take full control of the gold supply chain and sell gold proceeds in U.S. dollars to the Bank of Ghana in exchange for cedis for subsequent gold purchases.

SP/MA

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