BoG halts funding of GoldBod activities effective July 1 - Governor

The Bank of Ghana (BoG) will no longer finance the operations of the Ghana Gold Board (GoldBod), with the government set to take over the associated costs as part of a policy shift.

Governor of the Bank of Ghana, Dr Johnson Asiama, disclosed this during the 131st Monetary Policy Committee briefing on July 22, 2026, saying the central bank is moving away from the arrangement under which it solely funded GoldBod’s gold purchasing operations.

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According to him, the activities have been classified as quasi-fiscal in nature, making it more appropriate for the government to assume responsibility for the funding.

“Government has stepped in. I believe in the Mid-Year Budget Statement tomorrow, you’ll hear the Minister of Finance make some statements in that regard,” he said.

Dr Asiama explained that the change will ease pressure on the Bank of Ghana’s financial position while improving the efficiency of the country’s exchange rate management framework.

He stressed that GoldBod’s role in purchasing gold from the artisanal and small-scale mining (ASM) sector remains critical to supporting Ghana’s foreign exchange reserves and stabilising the cedi.

The Governor expressed confidence that under the new arrangement, the cost of purchasing ASM gold will decline, allowing both the government and the central bank to manage the exchange rate more effectively.

Going forward, he said, the programme will be implemented as a quasi-fiscal or fiscal policy initiative rather than being financed directly by the central bank.

DR/MA