The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has revealed that the Central Bank’s Domestic Gold Purchase Programme has doubled Ghana’s gold reserves within just five months of its launch in June 2021.

Speaking at an event in London on the Central Bank’s strategy for leveraging commodities, Dr. Mumuni said the sharp increase came when BoG’s reserves stood at 8.74 tonnes in June 2021.

He explained that the programme has not only expanded the Bank’s gold holdings but also diversified its foreign exchange reserves portfolio, enabling the Bank to secure cheaper short-term financing.

“Ultimately, this programme was not just about reserve accumulation but about unlocking the potential of the country’s commodity base,” he noted.

Background to the Initiative
Launched in June 2021, the Domestic Gold Purchase Programme was designed to boost reserves by buying gold from local mining firms and paying in Ghana cedis. The move aimed to reduce reliance on the US dollar—more vulnerable to global market volatility—while leveraging gold’s relative stability.

Concerns over Ghana’s historically low gold reserves prompted the initiative, which has since lifted the Central Bank’s holdings to 34.40 tonnes as of July 2025.

Impact and Utilisation


From its inception to June 2025, the BoG purchased 145.95 tonnes of gold. Of this, 86.77 tonnes were sold for foreign exchange to strengthen reserves, while 27.63 tonnes were used to settle 1.95 million metric tonnes of petroleum imports under the Gold for Oil (G4O) initiative.

Dr. Mumuni stressed that the Domestic Gold Purchase Programme remains central to Ghana’s strategy of using its commodity wealth to enhance economic stability and resilience.