Ghana has increased its gold reserves by 66% since launching Former Vice President Mahamudu Bawumia’s Gold Purchase Program in 2022, the Bank of Ghana (BoG) confirmed in its latest quarterly report.
The initiative, designed to bolster forex reserves and reduce dollar dependency, now holds 1.2 million ounces of gold valued at $2.4 billion.
BoG Governor Dr. Johnson Asiama attributed the success to:
- Direct purchases from small-scale miners through a transparent pricing system
- Reduced gold smuggling via licensed community mining schemes
- Strategic swaps of gold for oil products to curb forex demand
The program’s impact is evident in key economic indicators:
- Cedi stability: Depreciation slowed to 12% in 2024 (vs. 30% in 2022)
- Inflation control: Gold-backed policies helped lower inflation from 54% to 22%
- Debt management: Gold reserves improved Ghana’s creditworthiness during debt restructuring
Minerals Commission data shows artisanal production rose 40% since the program began, creating 85,000 new jobs in mining communities.
With global gold prices hitting $2,400/ounce, Ghana’s reserves gain value daily. The IMF recently praised the program as a model for resource-rich developing nations.
As Ghana prepares to launch a gold-backed bond in 2026, Bawumia’s initiative positions the country to better withstand future economic shocks through strategic commodity management.
