The Bank of Ghana says its Domestic Gold Purchase Programme (DGPP) has been instrumental in strengthening foreign reserves, stabilising the cedi, and easing inflationary pressures.
Launched in 2021, the initiative has also been credited with helping Ghana secure a credit rating upgrade from “restrictive default” to “B-” with a stable outlook in June 2025 a development the central bank says has boosted investor confidence.
First Deputy Governor Dr. Zakari Mumuni made the remarks at CNVERGE ’25, Africa’s Premier Trade Banking Thought Impact Event, where he spoke on the theme “Leveraging Commodities — The Central Bank’s View.”
Providing an update on the programme’s performance as of June 2025, Dr. Mumuni said the Bank had purchased 145.95 tonnes of gold, selling 86.77 tonnes for foreign exchange support and raising its physical gold holdings to 32.99 tonnes from 8.74 tonnes at the programme’s inception.
“On all counts, the Domestic Gold Purchase Programme has impacted positively with strong reserve accumulation, exchange rate stability, and easing inflation,” he said. “These gains have contributed to the improved credit profile and increased investor confidence.”
