Ghana plans to replace the Bank of Ghana’s reference rate with the Bloomberg rate for gold pricing and add a traceability system to procurement, MP Atta Issah says.

Atta Issah, the Sagnarigu MP, made the comments in remarks reported by 3News on Sunday. He did not, according to that report, give a timeline for the switch or detail how the traceability system would work once gold purchases move into the final procurement stage.

The proposed change follows scrutiny of Ghana’s existing gold pricing model. The International Monetary Fund’s August 2026 country report found that the Bank of Ghana (BoG) lost 22 billion cedis, nearly $1.9 billion, in 2025 under the state’s Domestic Gold Purchase Programme, according to Bloomberg’s reporting on the findings. The government has since shifted financing for the programme from the central bank to itself, allocating 5 billion cedis, about $429 million, in its revised 2026 budget to fund purchases through the Ghana Gold Board (GOLDBOD).

The losses have drawn calls for closer scrutiny of how gold is priced and bought. The Africa Policy Lens, a policy research group, said in an August 26 statement that GOLDBOD’s purchasing and pricing model needed a full forensic review, arguing that verifying what licensed buyers and miners were actually paid was central to establishing whether the state got value for money. A shift to a Bloomberg-based rate, if adopted, would tie the price Ghana pays for domestically sourced gold more directly to real-time international benchmarks rather than a rate set by the central bank.

GOLDBOD and the Bank of Ghana have not issued a statement confirming the change described by Atta Issah, and further details on implementation were not immediately available.