Ghana's gold reserves significantly increased to 30.53 tonnes by December 2024, up from 8.77 tonnes at the programme's launch. This substantial growth is attributed to the Domestic Gold Purchase Programme (DGPP), which former Minister of Lands and Natural Resources, Samuel Abu Jinapor, strongly defended. Mr. Jinapor credited former Vice President Dr. Mahamudu Bawumia with conceiving this vital economic initiative.
The DGPP was introduced on June 17, 2021, amidst severe economic challenges following the COVID-19 pandemic and the Russia-Ukraine war. Dr. Bawumia, then head of the Economic Management Team, initiated strategic meetings that led to the programme's formal launch. Its primary goal was to strengthen the country's gold reserves and augment its foreign exchange reserves by purchasing gold domestically in Ghana cedis.
This programme marked a historic first for Ghana, enabling the government to acquire gold directly from licensed aggregators and mining companies. The initiative aligns with Ghana's broader economic strategy to build resilience against external shocks and stabilize the cedi. The increase in gold reserves provides a crucial buffer, enhancing the Bank of Ghana's capacity for macroeconomic management and supporting the national currency.
Mr. Jinapor highlighted that the Bank of Ghana's initial target was to double gold reserves within five years. However, the DGPP exceeded this goal, achieving the 30.53 tonnes mark in less than four years. He further noted that policy directives in November 2023 mandated large-scale mining companies to sell 20% of their refined gold to the Bank of Ghana in Ghana cedis. Community Mining Schemes and licensed small-scale miners were also required to sell their gold to the government through the Precious Minerals Marketing Company (PMMC).
These measures were deliberately designed to include only licensed and responsible miners, ensuring illegally sourced gold was excluded. The Minerals Commission, PMMC, and the Bank of Ghana coordinated and enforced these directives, with support from the Ghana Chamber of Mines and the Ghana National Association of Small-Scale Miners. This structured approach ensured the programme's integrity and effectiveness.
The former Minister also pointed to Ghana's robust gold export figures as evidence of the programme's success. Gold exports reached a record US$11.6 billion in 2024, a significant increase from US$7.6 billion in 2023 and US$6.6 billion in 2022. These figures demonstrate that the domestic purchase requirements did not hinder the country's overall export performance, reinforcing the programme's positive economic impact.
The reserves accumulated through the DGPP have become a critical component of Ghana's economic stability. Bank of Ghana Governor Dr. Johnson Asiama, speaking in January 2026, affirmed that the programme strengthened Ghana's external buffers. He credited it with contributing significantly to the central bank's macroeconomic stabilisation efforts. Mr. Jinapor, however, expressed concern over the government's Ghana Accelerated National Reserve Accumulation Policy (GANARAP), describing it as a renamed DGPP. He alleged that GANARAP led to the sale of over half the gold accumulated under the previous administration. The public record, he insisted, should clearly reflect Dr. Bawumia's role in conceiving the original, impactful Domestic Gold Purchase Programme.