The Bank of Ghana (BoG) is preparing to launch a strategic gold hedging programme in a bid to shield the economy from looming commodity price shocks.
Governor Dr. Johnson Asiama revealed the plan, explaining that while the ultimate goal is to hedge the entirety of the nation’s gold reserves, the initial phase will involve only a fraction of those holdings.
According to Dr. Asiama, discussions with international banks that could manage the proposed programme are already underway, and implementation is expected within the next few months. He confirmed that the hedging scheme could begin before the end of the year.
The Governor stated, “This is part of proactive measures to cushion the economy against expected commodity price volatility,” noting that several predictions suggest turbulence in global gold prices in the near term.
“We believe that this will help mitigate the expected commodity price volatility that could hit the country in the months ahead.”
Dr. Johnson Asiama, Governor of Bank of Ghana
Ghana, as one of Africa’s top gold producers, has seen a steady build-up of gold in its reserves in recent years. Data from the Bank of Ghana shows that, as of May 30, 2025, the central bank’s gold holdings increased by 0.59 tonnes, bringing the total reserves to 32.16 tonnes.
This accumulation, according to the Bank, underscores its commitment to strengthening the national balance sheet and fortifying the country’s macroeconomic stability.
By engaging in gold hedging, the Bank of Ghana intends to leverage financial instruments that can lock in current prices or minimize losses in the face of downward price swings.
Ghana Gold Coin Relaunch
In addition to addressing questions around the gold hedging programme, the Governor announced plans to relaunch the Ghana Gold Coin as part of the “Cedi@60” commemorative programme, with the aim of expanding public access to gold ownership and promoting financial inclusion.
Dr Asiama, underscored the symbolic and financial significance of the move, noting that the relaunch forms a critical pillar of the commemorative activities marking six decades of the Ghanaian currency.
“Even though there is a lot of interest in the Gold Coin, we need to relaunch it as part of the Cedi@60 programmes.
“We are coming back stronger on that programme. Every Ghanaian should be able to buy some form of gold, and that is exactly what this program intends to achieve.”
Dr. Johnson Asiama, Governor of Bank of Ghana
The revival of the gold coin initiative comes at a time when global demand for gold remains elevated, with Ghana maintaining its position as Africa’s top gold producer and a key player in the international bullion market.
Initially launched to diversify public investment options, the Ghana Gold Coin was introduced as a tradable asset to absorb excess market liquidity, strengthen the local currency, and serve as a hedge against inflation. Its reintroduction is expected to provide a more inclusive avenue for ordinary Ghanaians to participate in gold investment.
The programme, officials say, also aligns with the Bank’s broader domestic gold initiative, which prioritises the use of gold in reserves management and currency stabilisation.
Other activities under the Cedi@60 celebrations include public exhibitions, educational campaigns, and policy dialogues aimed at chronicling the history and development of Ghana’s national currency, and its role in shaping macroeconomic policy.
The Bank of Ghana’s comprehensive strategycranging from gold hedging and reserve accumulation to relauch of the Gold Coin reflects a multi-pronged approach to economic management.
With global uncertainty on the rise and commodity markets showing signs of volatility, the central bank appears poised to use every tool available to safeguard national economic interests.
As the country awaits the rollout of the gold hedging programme later this year, many observers see it as a critical test of Ghana’s ability to navigate global financial turbulence with foresight and fiscal prudence.
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