The Bank of Ghana’s Domestic Gold Purchase Programme has doubled its gold reserves in just five months since June 2021.
First Deputy Governor Dr. Zakari Mumuni said reserves rose from 8.74 tonnes to 17.48 tonnes by late 2021, and now stand at 34.40 tonnes. He spoke at a London event on how central banks can leverage commodities. The programme buys gold from local mining firms and pays in Ghana cedis. It aims to reduce reliance on the US dollar and protect against global market shocks. Since its launch, BoG has purchased 145.95 tonnes of gold. Of this, 86.77 tonnes were sold for foreign exchange, and 27.63 tonnes were used for the Gold for Oil initiative.
Dr. Mumuni said the programme helps diversify reserves and unlock Ghana’s commodity potential.
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