The Bank of Ghana says its Domestic Gold Purchase Programme (DGPP) has significantly strengthened the country’s foreign reserves, stabilised the exchange rate, and eased inflationary pressures.

Launched in 2021, the initiative has also contributed to Ghana’s recent credit rating upgrade—from “restrictive default” to “B-” with a stable outlook in June 2025—helping to restore investor confidence.

First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, shared the update while speaking on the topic “Leveraging Commodities — The Central Bank’s View” at CNVERGE ’25, Africa’s Premier Trade Banking Thought Impact Event.

Dr. Mumuni stressed that the DGPP is not merely about building reserves but also about unlocking the full potential of Ghana’s commodity base.

As of the end of June 2025, the Bank had purchased 145.95 tonnes of gold. Of this, 86.77 tonnes were sold for foreign exchange to shore up reserves, while the Bank’s physical gold holdings rose to 32.99 tonnes—up from just 8.74 tonnes at the programme’s launch.

“On all counts, the Domestic Gold Purchase Programme has delivered positive results—bolstering reserves, stabilising the exchange rate, and easing inflation. These achievements have improved Ghana’s credit profile and boosted investor confidence.” Dr. Mumuni said.