The programme was criticised when it was initially proposed by Dr Bawumia
The Bank of Ghana has announced that this month, it will begin foreign exchanges (FX) intermediation under its Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion to the market.
The Bank of Ghana’s Domestic Gold Purchase Programme, proposed and championed by the former Vice President, was aimed at building Ghana’s gold reserves, and indeed, the programme has significantly boosted Ghana’s gold reserve from 8.7 tonnes at the start of the programme in 2023, to over 30. 53 tonnes by January 2025.
The new government and BoG management, has added a little over 6 tonnes since January 2025, taking Ghana’s total gold reserves to 37.06 as at September 2025.
BoG acknowledges impact of Bawumia’s gold purchasing initiative
However, the programme was questioned and criticised when it was initially proposed and championed by the former Vice President.
But, its overwhelming success, in line with its objectives reducing over reliance on foreign exchange to help the stability of the Cedi, is now providing some respite to the Central Bank, with the Central Bank Governor confirming its latest move at a meeting with heads of commercial banks in Accra.
“Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion for the month,” he said.
“These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” he said.
The move, he explained, aims to deepen the interbank FX market, improve price discovery, and also stabilize the cedi.
The Domestic Gold Purchase Programme, since its inception, has become a key part of the Bank of Ghana’s strategy to curb over reliance on foreign currency, as it manages the stability of the Cedi.
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