Centre for Policy Scrutiny lauds Dr. Bawumia for domestic gold purchase initiative

Former Vice President, Dr. Mahamudu Bawumia, has been commended for initiating the Domestic Gold Purchase Programme during his time as Vice President.

The Domestic Gold Purchase Programme, widely recognised, including by the IMF, as having positively impacted the Ghanaian economy since its inception, was envisioned by Dr. Bawumia, who proposed it to the Bank of Ghana.

At a public lecture jointly organised by Centre for Public Scrutiny (CPS) and Joy News in Accra on Monday January 19, 2026, themed: “Rich in Gold, Poor in Liquidity: Omnidox and the Reconstruction of Ghana’s Monetary Architecture,” the Executive Director of the (CPS), lauded the impact of the Domestic Gold Purchase Programme on Ghana's forex management, and also praised the originator of the idea, Dr. Bawumia.

"We at CPS commend the originators of the Domestic Gold Purchase Programme, particularly Dr. Mahamudu Bawumia, whose leadership and policy foresight made the gold-for-reserves strategy possible,” he said.

“From 8 tonnes in 2021, our gold reserves have risen to 38 tonnes in 2025. That is an extraordinary achievement and demonstrates what is possible when we adopt forward-looking, asset-based policy tools," he added.

The Executive Director also highlighted Ghana's immense potential, as Africa’s leading gold producer and the sixth largest globally, to build a more self-reliant monetary structure, citing Ghana's 2025 production figures of 5.1 million ounces, valued at USD 18.3 billion to buttress his point.

“Ghana is rich in gold but poor in liquidity because our economic architecture has historically failed to convert resource abundance into usable monetary capacity. The Domestic Gold Purchase Programme shows that transformational outcomes are achievable when we rethink how our assets are valued and mobilized,” he added.

Dr. was of the firm belief that the Domestic Gold Purchase Programme offers a practical foundation for a broader transformation of Ghana’s monetary architecture.

“By keeping more of our gold in-country, building reserves strategically, and adopting an asset-based approach to national accounting, Ghana can secure a more stable macroeconomic future. The work has begun, and Ghana must scale it,' he said.

The keynote presentation was delivered by economist Professor Yegandi Imhotep Paul Alagidede, who delivered a structural and historical analysis of Ghana’s monetary trajectory, pointing out causes of the nation's recurring liquidity challenges, which he noted, includes outdated accounting and monetary framework that undervalued Ghana's natural assets.

Participants at the lecture included economists, policymakers, financial analysts, and academics.