Bawumia's Gold Purchasing Scheme Rescues Ghana's Economy

According to the Central Bank, Ghana’s gold reserves have grown from 8.7 tonnes in 2023 to over 30.53 tonnes by January 2025. The new government and current BoG management have since added an additional 6 tonnes, bringing total reserves to 37.06 tonnes as of September 2025.

Despite facing skepticism and criticism at its launch, the DGPP has emerged as one of the country’s most successful financial interventions, providing a sustainable buffer for the cedi amid global market volatility.

Announcing the latest development at a meeting with heads of commercial banks in Accra, the Governor of the Bank of Ghana said the FX sales would be conducted “on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.”

He explained that the move is aimed at deepening the interbank FX market, enhancing price discovery, and maintaining stability in the exchange rate.

“These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” the Governor emphasized, noting that the policy aligns with BoG’s long-term strategy of reducing reliance on external currency flows.

The Domestic Gold Purchase Programme has become a cornerstone of Ghana’s monetary policy framework, allowing the country to leverage its natural resources to support macroeconomic stability and reduce pressure on foreign reserves.