Ghana Ditches Local Gold Price Setting for Bloomberg Benchmark

Ghana is planning to switch from its current gold pricing model to Bloomberg's rate for gold pricing. This move follows scrutiny of the existing model, which led to losses of nearly $1.9 billion in 2025 under the Domestic Gold Purchase Programme, according to the International Monetary Fund.

The programme has since been shifted from being financed by the central bank to the government itself, with a budget allocation of 5 billion cedis ($429 million) to fund purchases through the Ghana Gold Board (GOLDBOD).

Africa Policy Lens, a policy research group, called for a full forensic review of GOLDBOD's purchasing and pricing model, arguing that verifying what licensed buyers and miners were actually paid is crucial to determining whether the state gets value for money.