BoG introduces Responsible Gold Sourcing Programme to drive economic growth

The Bank of Ghana (BoG) has launched a Responsible Gold Sourcing Programme to enhance economic growth while ensuring ethical gold procurement.

Recognising gold's strategic importance as a reserve asset and its impact on economic development, the BoG emphasises responsible exploitation to maximize benefits and minimize environmental harm.

The programme includes the Domestic Gold Purchase Programme (DGPP), which outlines processes, Know Your Customer (KYC) and due diligence requirements, supply chain transparency, and risk analysis.

The DGPP operates under two models: Gold for Reserves and Gold for Oil.

The Gold for Oil initiative aims to use domestically sourced gold to pay for imported oil products through direct barter or by selling gold to brokers for foreign currency.

This ensures that gold acquisitions do not contribute to human rights violations, fuel conflict, or cause irreversible environmental damage while adhering to Ghana’s legal standards.

The G40 Programme Framework, dated February 3, 2023, details the oil payment structure, allowing suppliers to receive gold in exchange for petroleum products or through foreign exchange earned from selling gold to brokers.

This initiative supports economic growth and aligns with global standards for responsible sourcing.

ID/MA

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