The Domestic Gold Purchase Program has been acknowledged by the Bank of Ghana for reducing inflationary pressures, stabilizing the exchange rate, and bolstering the nation’s foreign reserves.
A major factor in Ghana’s recent credit rating upgrade from “restrictive default” to “B-” with a stable outlook in June 2025—which increased investor confidence, was the initiative, which was started in 2021.
Speaking on the subject of “Leveraging Commodities—The Central Bank’s View” at CNVERGE ’25, Africa’s Premier Trade Banking Thought Impact Event, Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, made the remark.
He pointed out that in the end, the Domestic Gold Purchase Program aimed to unleash the potential of the nation’s commodity base in addition to accumulating reserves.
Dr. Zakari Mumuni gave a report on the DGPP’s performance as of the end of June 2025, stating that the central bank had acquired 145.95 tonnes of gold.
While the Bank’s physical gold holdings grew from 8.74 tonnes at the beginning of the program to 32.99 tonnes, 86.77 tonnes of this were sold for foreign exchange to support reserves.
“On all counts, the Domestic Gold Purchase Programme (DGPP) has impacted positively, with strong reserve accumulation, stability in the exchange rate, and easing inflation.
“These have helped to improve the country’s credit profile from restrictive default to B- with a stable outlook in June 2025, boosting investor confidence,” Dr. Zakari Mumuni stated.
Source: newsthemegh.com