Ghana gold reserves grow through Domestic Gold Purchase Programme

Ghana’s Domestic Gold Purchase Programme (DGPP), conceived by former Vice President Dr. Mahamudu Bawumia, has significantly increased the nation’s gold reserves. According to former Lands and Natural Resources Minister Samuel Abu Jinapor, the country’s gold reserves rose from approximately 8.7 tonnes at the program's launch in 2021 to 30.53 tonnes by December 2024.

The program was introduced as an emergency response to foreign exchange shortages caused by the COVID-19 pandemic and the Russia-Ukraine war, which limited Ghana’s access to international capital markets. To operationalize the policy, the government invoked state pre-emptory rights, requiring large-scale mining operations to sell 20 percent of their refined gold output to the Bank of Ghana in local currency.

Addressing concerns regarding the costs of mandatory local refining, the Ghana Gold Board (GoldBod) stated that refining charges will be borne entirely by private self-financing aggregators or their approved foreign offtakers rather than the state. This arrangement is intended to ensure there is “zero negative impact on state revenue.”

Supporters of the policy note that gold export earnings reached US$11.6 billion in 2024, up from US$7.6 billion in 2023, citing the program as a key driver of macroeconomic stability and strengthened external buffers.