Domestic Gold Purchase Programme Stabilised Cedi, Reduced Inflation – BoG

The Bank of Ghana (BoG) says its Domestic Gold Purchase Programme (DGPP) has been instrumental in strengthening Ghana’s foreign reserves, stabilising the Cedi, and easing inflationary pressures.

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

First Deputy Governor of the BoG, Dr. Zakari Mumuni, speaking on the theme “Leveraging Commodities — The Central Bank’s View” at CNVERGE ’25, Africa’s premier trade banking thought leadership event, stressed that the DGPP is not merely about reserve accumulation but also about unlocking the full potential of Ghana’s commodity base.

Updating on the programme’s performance as of June 2025, Dr. Mumuni revealed that the BoG had purchased 145.95 tonnes of gold. Of this, 86.77 tonnes were sold for foreign exchange to support reserves, while the Bank’s physical gold holdings rose to 32.99 tonnes, up from just 8.74 tonnes at the start of the programme.

“On all counts, the Domestic Gold Purchase Programme has impacted positively, with strong reserve accumulation, stability in the exchange rate, and easing inflation,” Dr. Mumuni said. “These gains have improved the country’s credit profile, boosting investor confidence.”