The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, says the Domestic Gold Purchase Programme has helped the Bank double its gold reserves in just five years, from June 2021 to June 2025.
Back in June 2021, the Bank’s gold reserves stood at 8.74 tonnes. Today, that figure has grown to 34.40 tonnes. Dr. Mumuni shared this at an event in London on how central banks can make the most of their commodity resources.
He explained that the programme has not only increased gold reserves but also helped the Bank reduce its reliance on the US dollar, which is more vulnerable to global market shocks. Gold, on the other hand, offers more stability and can even be used to secure cheaper short-term financing.
Background
Launched in June 2021, the Domestic Gold Purchase Programme was created to buy gold directly from mining companies in Ghana and pay in cedis. The goal was to build up the country’s reserves, diversify assets, and strengthen the economy.
Impact
From its start to June 2025, the Bank has purchased 145.95 tonnes of gold. Of this, 86.77 tonnes were sold for foreign exchange to boost reserves, and 27.63 tonnes were used to pay for 1.95 million metric tonnes of petroleum products under the Gold for Oil initiative.
Dr. Mumuni said the programme is about more than just adding to reserves — it’s also about unlocking the potential of Ghana’s gold resources for economic growth.
source: myjoyonline
