Knowledge launched by the Financial institution of Ghana (BoG) by way of its official social media channels underscored the substantial affect of the Gold Buying Scheme initiated by former Vice-President Dr Mahamudu Bawumia.
The programme, designed to bolster the nation’s gold reserves, was launched on the peak of Ghana’s financial downturn.
The coverage aimed to reinforce the Financial institution’s comparatively modest gold reserves to strengthen the nation’s overseas change holdings and assist stabilise the depreciating native forex and escalating gasoline costs.
It shaped the spine of the broader Gold for Oil initiative, which sought to leverage home gold belongings in change for petroleum imports.
As envisioned by the then Vice-President, the scheme yielded important outcomes. BoG’s newest replace, offering a month-by-month breakdown of additives to the nationwide gold reserves for the reason that programme’s inception in Could 2023, signifies a marked improve in reserves earlier than the change of presidency in January this yr.
On the graduation of the scheme in Could 2023, Ghana’s gold reserves stood at 8.78 tonnes. By December 2024, shortly earlier than the New Patriotic Social gathering (NPP) administration exited workplace, reserves had surged to 30.53 tonnes—a rise of 21.75 tonnes inside 18 months.
Compared, beneath the present Nationwide Democratic Congress (NDC) authorities, solely 2.45 tonnes have been added between January and June 2025, bringing the overall to 32.99 tonnes.
BoG’s knowledge signifies that of Ghana’s present gold reserves, 8.78 tonnes (26.6%) had been gathered since independence as much as Could 2023. The NPP administration, beneath Dr Bawumia, contributed 21.75 tonnes (66%), whereas the present NDC administration has added 2.46 tonnes (7.4%) inside six months.
Notably, throughout the first six months of the scheme’s rollout alone, the BoG recorded an addition of 9.41 tonnes—demonstrating the programme’s early momentum and instant affect.
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