GoldBod now owns all the risk: What the Bank of Ghana’s exit from the Gold Programme really means
For the first time since 2021, the Bank of Ghana is no longer in the gold-buying business. In July 2026, the central bank, GoldBod, and the government signed a memorandum of understanding formally transferring Ghana's Domestic Gold Purchase Programme (DGPP) and every quasi-fiscal risk that comes with it entirely to the Ghana Gold Board
In July 2026, the Bank of Ghana, GoldBod, and the government signed a memorandum of understanding that transferred the Domestic Gold Purchase Programme (DGPP) and all associated quasi-fiscal risks to the Ghana Gold Board. While the Bank of Ghana claims it is closing the programme, it has actually expanded GoldBod's responsibilities by making it financially responsible for all aspects of the gold trade.
GoldBod stopped receiving funding from the Bank of Ghana in March 2026 and began raising funds directly from commercial banks and off-takers. Previously, the Bank of Ghana funded gold purchases, took on trading and pricing risk, and absorbed losses. Now, GoldBod must manage trading risk, finance its operations, and adhere to a hard cost ceiling of 5% on the value of gold purchased.
The transfer was mandated by the IMF to ensure the programme met the cost target. However, GoldBod is already facing challenges with supplier payments, despite gold prices surging on international markets.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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