BoG Doubles Gold Reserves in Five Months Thanks To Bawumia's Domestic Gold Purchase Programme

Launched in June 2021, the Domestic Gold Purchase Programme was designed to boost Ghana’s gold reserves by purchasing gold from local mining firms and paying for it in Ghana cedis. It also sought to reduce reliance on the US dollar, which is more vulnerable to global market shocks, in favour of gold’s relative stability.

Concerns over Ghana’s historically low gold reserves prompted the move, which has since transformed the Central Bank’s reserve position.

Data as of July 2025 shows BoG’s gold reserves have now reached 34.40 tonnes. Since the programme’s inception, the Bank has purchased a total of 145.95 tonnes of gold. Of this, 86.77 tonnes were sold to generate foreign exchange for reserve support, while 27.63 tonnes were used to settle 1.95 million metric tonnes of petroleum products under the Gold for Oil (G4O) initiative.

Dr. Mumuni emphasised that the Domestic Gold Purchase Programme has become a critical tool for strengthening macroeconomic stability, reducing forex market pressure, and leveraging Ghana’s resource wealth to secure strategic imports.