The First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, says the Central Bank’s Gold Purchase Programme has played a crucial role in stabilising the cedi and easing inflation, with Ghana’s credit outlook upgraded as a result.
The Bank of Ghana’s Gold Purchase Programme has been pivotal in strengthening the cedi and easing inflationary pressures in recent months, according to the Central Bank’s First Deputy Governor, Dr Zakari Mumuni.
Speaking at the CNVERGE’25 Africa Premier Trade Banking Programme in London on August 8, Dr Mumuni said the initiative had also improved Ghana’s credit rating, moving the country from a restrictive default status to a B- rating with a stable outlook as of June 2025.
“This has significantly boosted investor confidence and contributed to a stable macroeconomic environment, which is of critical importance to the work of trade and finance professionals,” he stated.
Launched in June 2021, the Gold Purchase Programme allows the Bank of Ghana to acquire gold directly from local mining firms and pay in Ghana cedis. The move is part of efforts to build the country’s gold reserves, reduce reliance on the US dollar, and protect the economy from global currency shocks.
As of July 2025, Ghana’s gold reserves stood at 34.40 tonnes. Dr Mumuni further noted that the programme’s success had laid the groundwork for the Gold for Oil initiative, which facilitates the importation of petroleum products through government-to-government deals using gold and foreign exchange.
“This mechanism has enabled Ghana to secure petroleum imports at competitive prices, reduce pressure on the forex market, and stabilise ex-pump petroleum prices,” he said.
He added that these gains have helped moderate the impact of volatile fuel prices on transport costs and overall inflation, enhancing economic stability.
The Gold Purchase Programme remains a central part of Ghana’s strategy to diversify reserves and insulate the economy from external shocks.
