Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Kwesi Asiama, has hinted that the central bank may hand over its role of purchasing gold on behalf of the state to the soon-to-established Gold Board.
The move, according to the BoG Governor, will leave gold purchases in the care of a more specialised institution to take over.
This, he says, would help to streamline the management of bullion procurement and enhance efficiency in the sector.
Dr. Asiama was speaking in an interview with Bloomberg when he made the disclosure, highlighting the overall benefit of the soon-to-be changes and how the new development will be the game changer in the gold value chain.
“The central bank may remove itself from the programme to purchase bullion and hand the role to a soon-to-be-established Gold Board,” he stated.
The establishment of the Gold Board is anticipated to create a structured framework for managing the country’s gold resources.
It is expected to improve transparency, regulate transactions, and optimise gold purchases for national reserves. The move aligns with broader efforts to strengthen Ghana’s gold industry and maximise its economic benefits.
Industry analysts believe that transitioning the responsibility to a dedicated board could enhance operational efficiency and reduce the central bank’s direct involvement in commodity markets.
Meanwhile, the technical committee set by the government to draft the policy framework for the establishment of the Gold Board has been engaging stakeholders in the gold value chain over the role of the Board.
It has also been taking their input on how the Board could be established to ensure it serves a purpose to suit the interest of both the government and the other stakeholders.
