The Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), initiated in 2021, has emerged as a strategic tool not only for bolstering the country’s foreign reserves but also for enhancing overall economic stability and improving Ghana’s creditworthiness on the global stage.
Speaking at CNVERGE ’25, Africa’s leading trade banking event, First Deputy Governor Dr. Zakari Mumuni emphasized that the DGPP goes beyond mere reserve accumulation. It is part of a broader effort to leverage Ghana’s rich commodity resources to strengthen the nation’s financial foundations and unlock economic potential.
As of June 2025, the programme has seen the Bank purchase a total of 145.95 tonnes of gold. Notably, 86.77 tonnes of this gold have been converted into foreign exchange, directly supporting Ghana’s foreign reserves. Meanwhile, the Bank’s physical gold holdings have increased significantly—from 8.74 tonnes at the start of the programme to 32.99 tonnes—signaling a robust asset base.
Dr. Mumuni highlighted the tangible macroeconomic benefits of the DGPP, which have contributed to stabilizing the exchange rate and easing inflationary pressures. These achievements have not gone unnoticed by international credit agencies. Ghana’s credit rating was upgraded in June 2025 from “restrictive default” to “B-” with a stable outlook—a move that has markedly boosted investor confidence.
“The Domestic Gold Purchase Programme has been pivotal in building a resilient economy,” Dr. Mumuni remarked. “It reflects a shift towards innovative commodity-backed financial strategies that support economic transformation and investor trust.”
As Ghana continues to navigate complex global economic dynamics, the DGPP stands as a vital pillar in the country’s drive for sustainable growth and fiscal stability, highlighting the critical role that natural resources can play when harnessed effectively within sound monetary policy frameworks.
