The Bank of Ghana (BoG) has attributed its progress in the forex market and the easing of inflation in recent months to its Gold Purchase Programme.
The central bank says the Programme has also “improved the country’s credit profile from restrictive default to B- with a stable outlook” in June 2025, therefore boosting investor confidence.
First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, speaking at the Converge’25 Africa Premier Trade Banking Programme in London, noted that the feats have had an immense impact on Ghana’s macroeconomy.
Dr. Zakari added that these developments “have contributed to a stable macroeconomic environment, which is of critical interest to your work.”
The Bank of Ghana’s Gold Purchase Programme was launched in June 2021 and aims to increase the central bank’s gold reserves and diversify its assets.
The programme enables the Bank of Ghana to buy gold from local mining firms and pay them in Ghana cedis.
This initiative is part of efforts to reduce the bank’s reliance on the US dollar, which is more vulnerable to global market shocks compared to gold, and addresses concerns about Ghana’s previously low gold reserves.
As of July 2025, the Bank of Ghana’s gold reserves had reached 34.40 tonnes.
Also, the government’s Gold for Oil Programme, Dr. Zakari highlighted, has been successful because of the Gold Purchase Programme.
The Gold for Oil Programme “provides FX and gold to support the importation of petroleum products through government-to-government arrangements.”
The BoG Deputy Governor lauded the programme for “securing petroleum imports at competitive prices, easing pressure on the forex market, and stabilising ex-pump petroleum prices.”
He underscored how the initiative has helped moderate “volatile ex-pump price pass-through effects on transport costs, and in turn, inflation.”
Source:onuaonline.com
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