The First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has disclosed that the Domestic Gold Purchase Programme has more than doubled the central bank’s gold reserves over the past five years. Speaking at a London event on central banking and commodity leverage, Dr Mumuni noted that the initiative launched in June 2021, when reserves stood at just 8.74 tonnes, has significantly strengthened Ghana’s financial position. "Ultimately, this programme was not just about reserve accumulation but also about unlocking the potential of the country’s commodity base," he stated. ## Programme Objectives & Achievements The BoG’s gold purchase scheme was designed to: - Diversify foreign exchange reserves by acquiring gold from local mining firms (paid in Ghana cedis) - Reduce reliance on the US dollar, which is vulnerable to global market volatility - Strengthen financial stability by leveraging gold holdings for more favourable short-term financing ## Tangible Results

As of July 2025, the programme has delivered: ✔ 145.95 tonnes of gold purchased since inception ✔ 86.77 tonnes sold to boost forex reserves ✔ 27.63 tonnes used for the Gold-for-Oil (G4O) programme, covering 1.95M metric tonnes of petroleum imports ✔ Reserves surged from 8.74 tonnes (2021) to 34.40 tonnes—a 294% increase in physical holdings. "This initiative has enabled the Bank to diversify its foreign exchange reserves portfolio and leverage the Bank’s gold holdings to raise cheaper short-term financing," Dr Mumuni explained. ## Strategic Shift The programme marks a deliberate pivot from dollar dependency to asset diversification, addressing longstanding concerns about Ghana’s historically low gold reserves. With global economic uncertainties persisting, the BoG’s gold-backed strategy aims to reinforce monetary resilience while capitalising on domestic mineral resources. The sustained growth in reserves underscores the programme’s success in transforming Ghana’s commodity wealth into a stabilising financial instrument. The First Deputy Governor noted that the Domestic Gold Purchase Programme has raised the Bank’s physical gold holdings from 8.74 tonnes in June 2021 to 34.40 tonnes currently.