Bank of Ghana Reports $19bn Reserve Boost From Domestic Gold Purchase Programme
Ghana’s Domestic Gold Purchase Programme (DGPP) has contributed approximately $19 billion to the country’s foreign reserves since its inception in 2021, according to the Bank of Ghana (BoG).
The Central Bank, in its latest bi-monthly responses to media queries, indicated that the reserves accumulated under the programme comprise both foreign exchange and physical gold holdings.
Launched on June 17, 2021, the DGPP was initially aimed at doubling Ghana’s gold reserves from 8.74 tonnes within five years. The initiative, however, has evolved into a key component of the country’s broader economic stabilisation efforts, particularly in supporting external buffers and mitigating foreign exchange pressures.
The BoG further emphasised that gold will remain a central pillar in its reserve accumulation strategy, underscoring its role in strengthening Ghana’s external position.
Meanwhile, the Central Bank disclosed that it is currently engaging the Ministry of Finance and the Ghana Gold Board (GoldBod) to finalise a cost-sharing arrangement, following a reported $214 million loss linked to the programme.
According to the BoG, details of the cost-sharing framework will be made public once discussions are concluded.
