Incoming Gold Board to take over BoG's gold purchases role - Governor

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has noted that the government's soon-to-be-established Gold Board will handle Ghana's gold purchases.

According to him, the Central Bank will relinquish its role of purchasing gold to the board when it is established.

Speaking in an interview with Bloomberg, Dr. Asiama said, "The central bank may remove itself from the programme to purchase bullion and hand the role to a soon-to-be-established Gold Board."

The Gold Board is anticipated to create a structured framework for managing the country’s gold resources.

The board will improve transparency, regulate transactions, and optimise gold purchases for national reserves.

In the same interview, Dr. Asiama stated that the gold-for-oil initiative has been put on hold due to unspecified policy and operational challenges.

However, he expressed optimism that the cedi would stabilize following last year’s volatility.

“We intend to maintain an appropriate monetary policy stance. Together with commitments to fiscal discipline under the administration of President John Mahama, this should help us maintain stability in the foreign exchange markets,” he told Bloomberg on Friday, February 28, 2025.

Dr. Asiama further revealed that the program had incurred some losses, prompting its suspension.

“We have had to incur some losses on that, so we have put some suspension on the trade,” he stated.

SSD/MA

Watch the latest episode of Health Focus below