The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has credited the Central Bank’s Gold Purchase Programme with playing a key role in stabilising the cedi and easing inflation in recent months.
Speaking at the CNVERGE’25 Africa Premier Trade Banking Programme in London, Dr. Zakari revealed that the initiative has also improved Ghana’s credit profile, moving it from restrictive default to B- with a stable outlook as of June 2025a development he said has boosted investor confidence.
“These gains have contributed to a stable macroeconomic environment, which is of critical interest to your work,” he told participants.
Launched in June 2021, the Gold Purchase Programme was designed to increase Ghana’s gold reserves and diversify the Central Bank’s assets. Under the scheme, the BoG purchases gold from local mining firms and pays them in Ghana cedis. This approach aims to reduce reliance on the US dollar, which is more vulnerable to global market shocks and strengthen the country’s reserve position.
