BoG: Bawumia’s gold purchase programme built 66% of Ghana’s reserves

New data from the Bank of Ghana (BoG) has revealed that 66% of Ghana’s current gold reserves were accumulated through the Gold Purchasing Programme introduced by former Vice President Dr. Mahamudu Bawumia.

Launched in May 2023 during an economic downturn, the programme was designed to shore up Ghana’s foreign exchange reserves and help stabilize the local currency and fuel prices.

It later became the foundation of the Gold for Oil initiative, which enabled the country to exchange gold for petroleum imports.

According to BoG’s monthly breakdown, Ghana’s gold reserves increased from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024, just before the New Patriotic Party (NPP) left office, a gain of 21.75 tonnes in 18 months.

Under the current National Democratic Congress (NDC) government, an additional 2.46 tonnes were added between January and June 2025, bringing the total to 32.99 tonnes.

The figures show:

• 26.6% of gold reserves (8.78 tonnes) were accumulated before May 2023
• 66% (21.75 tonnes) came under Bawumia’s leadership
• 7.4% (2.46 tonnes) have been added since the NDC took office

BoG emphasized that within the first six months of the programme’s rollout, it had already added 9.41 tonnes, reflecting the initiative’s early success.

The release highlights the enduring impact of Bawumia’s economic strategy, even as the new administration faces mounting pressure to sustain and improve Ghana’s reserve performance.