{"id":110028,"date":"2026-01-06T08:22:15","date_gmt":"2026-01-06T08:22:15","guid":{"rendered":"https:\/\/sotnews.agency\/?p=110028"},"modified":"2026-01-06T08:22:15","modified_gmt":"2026-01-06T08:22:15","slug":"goldbod-defends-spot-price-purchases-of-asm-gold-cites-anti-smuggling-strategy","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=110028","title":{"rendered":"GoldBod defends spot-price purchases of ASM gold, cites anti-smuggling strategy"},"content":{"rendered":"
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The Ghana Gold Board (GoldBod) has explained why the Bank of Ghana (BoG) purchases artisanal and small-scale mining (ASM) gold at spot prices through the board as an aggregator, describing the practice as a deliberate policy to curb smuggling and channel sufficient volumes of gold through formal sources.<\/p>\n

In a statement on Monday, January 5, GoldBod clarified that the purchase of ASM gold at spot prices has been a core feature of the Gold-for-Reserves (G4R) programme since its inception in 2022.<\/p>\n

The board emphasised that the approach is not intended to generate profit for the central bank but rather to support reserve accumulation and broader macroeconomic gains.<\/p>\n

\"GoldBod<\/figure>\n

\u201cWhile this approach may create costs for the Bank of Ghana, the programme\u2019s intent has always been reserve accumulation and macroeconomic stability\u2014not profit for the central bank,\u201d the statement read.<\/p>\n

GoldBod stressed that attempts to buy gold at a discount for commercial gain would undermine the programme\u2019s objectives.<\/p>\n

The board cited historical evidence of the sensitivity of the artisanal gold market to pricing. In 2021, the introduction of a 3% withholding tax contributed to a sharp decline in official small-scale gold exports, falling from 39.3 tons worth US$2 billion in 2020 to just 3.4 tons valued at US$184 million.<\/p>\n

GoldBod highlighted that this experience demonstrates the direct link between non-competitive purchase prices and increased smuggling, reinforcing the rationale for maintaining spot-price purchases to secure formalisation of the ASM sector and protect national reserves.<\/p>\n<\/div>\n

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\"Mr.The Ghana Gold Board (GoldBod) has explained why the Bank of Ghana (BoG) purchases artisanal and small-scale mining (ASM) gold at spot prices through the board as an aggregator, describing the practice as a deliberate policy to curb smuggling and channel sufficient volumes of gold through formal sources.<\/div>\n","protected":false},"author":1,"featured_media":110029,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14949,1789,1883,10,9,169],"tags":[],"class_list":["post-110028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asm","category-goldbod","category-national","category-politics","category-popular","category-sammy-gyamfi"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/110028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=110028"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/110028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/110029"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=110028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=110028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=110028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}