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The Bank of Ghana has bolstered its reserves by acquiring approximately $700 million worth of gold through its ‘Gold Purchasing Programme.’
Dr. Ernest Addison, the Governor of the Bank of Ghana, highlighted the program’s positive impact on stabilizing the economy. He stated, “The domestic Gold Purchasing Programme has been very innovative and has played a crucial role in stabilizing the economy, as well as maintaining exchange rate stability.”
On a year-to-date basis, the Bank of Ghana has acquired over $700 million worth of gold for its reserves. Dr. Addison also mentioned that the bank has purchased gold for oil, possibly exceeding $700 million. When combined, these acquisitions total over $1.4 to $1.5 billion through the domestic Gold Purchasing Programme.
Dr. Addison emphasized the significance of this initiative, stating that it is the single most important source of foreign exchange in 2023, nearly doubling the amount received from the International Monetary Fund. He expressed pride in the program’s success.
The Gold Purchasing Programme was launched by the Bank of Ghana in 2021, allowing the central bank to purchase domestically produced gold from selected gold aggregators and mining firms. Payments are made in the local currency at prevailing market prices. Through this program, the Bank of Ghana aims to double its gold holdings over the next five years.
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