Ghana’s newly launched gold purchase initiative has made a significant impact, generating over US$1.1 billion in its inaugural month. This achievement underscores the country’s strategic efforts to enhance its foreign exchange reserves and stabilize the national currency, the Ghanaian cedi.
In April 2025, Ghana expanded its gold purchase programme by securing agreements with nine additional mining companies. These companies are now committed to delivering 20% of their gold output to the government in the form of doré bars. This move aims to strengthen the country’s gold reserves and help stabilize its currency, the Ghanaian cedi.
The new deal includes companies like Golden Team Mining, Adamus Resources, and Cardinal Namdini Mining, among others.
The agreement mandates delivery of 20% of gold intended for export in doré bar form to GoldBod, the government body overseeing the programme.
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Also, payments to miners will be made in cedis at a 1% discount to the LBMA spot price. The nine new miners collectively produce about 200 kilograms of gold monthly.
Since the inception of the Domestic Gold Purchase Programme (DGPP) in 2021, Ghana has made significant strides in strengthening its gold reserves. As of December 2023, the Bank of Ghana had accumulated 65.4 tonnes of gold, valued at approximately US$5.07 billion.
In the first half of 2024 alone, an additional 23 tonnes were acquired, bringing the total to 73 tonnes. This accumulation has bolstered the country’s gross international reserves, providing a buffer against external economic shocks.
Ghana’s proactive approach in expanding its gold purchase programme and investing in local refining capabilities has positioned the country as a leader in gold production and economic stability in Africa.
The record earnings in the first month of the new initiative reflect the success of these strategies in enhancing national reserves and fostering economic growth.
