The Bank of Ghana (BoG) is set to withdraw from small-scale gold trading effective January 1, 2026, marking a strategic shift in the country’s gold management framework and foreign exchange operations.
According to a Joy Business report, the central bank will maintain its Domestic Gold Purchase Programme (DGPP) but will completely hand over the artisanal and small-scale gold trading segment to the Ghana Gold Board (GoldBod). This move is expected to streamline Ghana’s gold supply chain while allowing the BoG to refocus on its core monetary policy responsibilities.
Sources familiar with the decision revealed that the transition was approved in November 2025 after Governor of the Bank of Ghana, Dr Johnson Asiama, formally presented a proposal to the Board recommending the bank’s exit from the Artisanal Small-Scale Gold Mining (ASGM) trading segment under the DGPP. The proposal was subsequently endorsed, paving the way for GoldBod’s expanded mandate.
Officials say the decision is aimed at strengthening operational efficiency and enabling the central bank to concentrate on inflation targeting, price stability, and broader macroeconomic management. They also clarified that the move is not connected to recent commentary by the International Monetary Fund (IMF).
“The decision had already been taken in November 2025,” a senior official stated, adding that the IMF’s position on the matter was “not accurate.”
“We are dealing with gold and foreign exchange markets that are highly dynamic, and the figures they put out are not audited,” the official noted.
Further clarifications from the central bank emphasized that the Bank of Ghana is not financing the operations of GoldBod. Instead, GoldBod is acting strictly as an agent under the Domestic Gold Purchase Programme.
“What the Bank of Ghana is doing is simply implementing its Domestic Gold Purchase Programme through GoldBod as an agent,” another senior official told Joy Business.
From 2026, GoldBod is expected to assume full control of Ghana’s gold supply chain, selling gold proceeds in U.S. dollars to the Bank of Ghana in exchange for cedis, which will then be used for subsequent gold purchases. The transition is seen as a significant step in refining Ghana’s gold trading architecture while reinforcing transparency, efficiency, and economic stability.
