BoG attributes 66% of current gold reserves to Bawumia’s gold purchase programme

The Bank of Ghana (BoG) has reported that about 66% of Ghana’s current gold holdings was amassed through the Gold Purchasing Scheme launched by former Vice-President Dr. Mahamudu Bawumia.

According to the latest update from BoG, which includes a month-by-month analysis of gold reserve increments since the program’s inception in May 2023, there was a notable rise in reserves prior to the change of government in January this year. At the start of the scheme in May 2023, Ghana’s gold reserves stood at 8.78 tonnes.

By December 2024, just before the New Patriotic Party (NPP) administration concluded its term, reserves had climbed by 21.7 tonnes to 30.53 tonnes, a 247.7% surge in an 18-month span.

In contrast, under the current National Democratic Congress (NDC) government, just 2.45 tonnes have been added between January and June 2025, resulting in a total of 32.99 tonnes. BoG’s figures reveal that out of Ghana’s current gold reserves, 8.78 tonnes (26.6%) were accumulated from independence until May 2023.

The NPP administration, led by Dr. Bawumia, accounted for 21.75 tonnes (66%), while the current NDC administration contributed 2.46 tonnes (7.4%) over six months.

According to the data, the initial six months following the scheme’s launch saw an addition of 9.41 tonnes, an indication of the program’s early success and immediate impact.

Launched during a challenging economic period for Ghana, the Gold Purchasing Scheme was designed to increase the Bank’s relatively low gold reserves, thereby strengthening the country’s foreign exchange holdings, serving as a crucial component of the broader Gold for Oil initiative, which sought to utilize domestic gold assets for petroleum imports.