The Bank of Ghana has indicated that it will undertake a more thorough assessment of its Domestic Gold Purchase Programme, even as it reiterates that the initiative remains vital to macroeconomic stability and the build-up of foreign reserves.
Opening the 128th Monetary Policy Committee (MPC) meeting, Governor Dr Johnson Pandit Asiama said the programme has played a deliberate and significant role in strengthening Ghana’s external buffers, but stressed that its future application must now be evaluated with greater caution.
“The role of the Domestic Gold Purchase Programme in supporting stability remains critical. While the programme has played an important and deliberate role in strengthening external buffers, members will need to consider how its timing, sustainability and balance-sheet implications should inform the calibration of policy and the ongoing efforts to build reserves,” the Governor said.
His remarks suggest that while the central bank is not abandoning the gold purchase strategy, it is placing increased emphasis on managing potential long-term balance-sheet risks and ensuring alignment with broader monetary policy goals.
The Domestic Gold Purchase Programme has contributed significantly to Ghana’s improved external position, particularly amid favourable global gold prices, helping to boost foreign reserves and support cedi stability in 2025.
However, Dr Asiama’s comments indicate that the MPC will now closely examine how the scale and timing of gold purchases fit with inflation dynamics, reserve targets and overall policy credibility, especially under heightened scrutiny from Ghana’s IMF-supported programme.
Analysts note that any adjustment to the programme could affect reserve management, foreign exchange liquidity and market confidence, making it a key issue to watch in the MPC’s 2026 policy deliberations.
