Ghana has allocated GHS5bn ($429m) from its national budget to fund the Ghana Gold Board (GoldBod), ensuring the state continues its gold purchasing programme after the Bank of Ghana ceased direct financing.
The move transfers the financial risk of the initiative from the central bank to the Treasury, marking a significant structural shift in how the West African nation manages its strategic metal reserves.
This development follows Ghana's recent efforts to rebuild credibility in international capital markets, highlighted by the early settlement of a $700 million Eurobond ahead of its scheduled maturity.
The reallocation comes as Accra works to alleviate pressure on the central bank's balance sheet, a key objective in recent negotiations between the Bank of Ghana and GoldBod.
By funding the purchases through the national budget, the government aims to preserve the central bank's monetary policy independence while maintaining its physical gold holdings.
This structural change is critical for investors monitoring Ghana's macroeconomic stability and its ability to manage sovereign liabilities without compromising monetary tools.
This development follows Ghana's recent efforts to rebuild credibility in international capital markets, highlighted by the early settlement of a $700 million Eurobond ahead of its scheduled maturity.