 has doubled its gold reserves in just five months since June 2021, thanks to its Domestic Gold Purchase Programme, according to First Deputy Governor, Dr. Zakari Mumuni.){kind=link}
The Bank of Ghana (BoG) has doubled its gold reserves in just five months since June 2021, thanks to its Domestic Gold Purchase Programme, according to First Deputy Governor, Dr. Zakari Mumuni.
Speaking at a programme in London on the Central Bank’s approach to leveraging commodities, Dr. Mumuni revealed that gold reserves had surged from 8.74 tonnes in June 2021 to 17.48 tonnes by November of that year marking a 100% increase — and have continued to grow significantly.
“The initiative has not only diversified our foreign exchange reserves portfolio but has also allowed us to leverage our gold holdings to raise cheaper short-term financing,” he said. “Ultimately, this programme is not just about reserve accumulation but about unlocking the potential of the country’s commodity base.”
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.