Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, has called for a coordinated national effort to address the financial losses linked to the Gold-for-Reserves (G4R) programme.
Speaking before Parliament’s Public Accounts Committee (PAC) in Accra, he emphasized that while the initiative has incurred notable losses since its inception in 2021, it remains vital for reserve accumulation.
Dr. Asiama stressed that these losses should not serve as a basis for assigning blame, but rather as an opportunity for collective reform. “The losses should not be a source of blame but a rallying point for collective action. Our appeal is for a unified national approach to improve efficiency and support economic stabilization,” he said.
He outlined that the G4R programme was designed to strengthen Ghana’s foreign reserves and diversify its foreign exchange portfolio.
However, certain costs associated with the programme are currently absorbed by the Central Bank outside the national budget. As of 2025, total gold holdings under the initiative stood at 110.99 tonnes, valued at US$11.399 billion, while cumulative net losses reached GHS4.893 billion—comprising GHS1.054 billion in 2023 and GHS3.893 billion in 2024—with 2025 figures still under audit.
Dr. Asiama noted that the programme continues to fulfill its primary objective but requires further reforms to reduce costs, including incorporating associated expenses into the national budget.
“The scheme was introduced to solve national problems. The question now is how to reform it and make it more efficient,” he said, adding that some charges had already been reduced and further reforms are underway.
He reiterated the relevance of the programme, emphasising that it should not be shut down but optimised: “Evidence shows that enhancing efficiency and removing inefficiencies is key.” Dr. Asiama suggested that recognising the programme’s costs as quasi-fiscal activities would improve sustainability and operational efficiency.
The Governor announced upcoming meetings with the Ghana Gold Board and other stakeholders to address programme challenges and invited parliamentary experts to contribute.
He expressed gratitude to Parliament for supporting reforms aimed at strengthening the Central Bank and called on ministries and stakeholders to collaborate in improving the G4R programme.
PAC Chairperson Madam Abena Osei Asare raised concerns over the US$217 million allocated in the 2025 Budget for Gold Board operations, noting that funds were not disbursed between January and September 2025, forcing the Bank of Ghana to sustain trading. She urged timely disbursements to support programme efficiency.
