An initiative by former Vice President, Dr. Mahamudu Bawumia has once again been adopted as the Bank of Ghana plans to inject money from its reserves to stabilize the forex market.
The Bank of Ghana (BoG) announced, this month, that it will begin foreign exchange (FX) intermediation under its “Domestic Gold Purchase Programme” with plans to sell up to $1.2 billion to the market.
“Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme with plans to sell up to US$1.15 billion for the month.”
“These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” the BoG Governor, Dr. Johnson Asiama, said during a meeting with heads of commercial banks in Accra.
This announcement has intrigued Ghanaians to now disbelieve the lies that were told by the incumbent Mahama government, then in opposition, when the former Vice President, Dr. Mahamudu Bawumia launched the programme and spearheaded it.
The officials of the Mahama administration and members of the National Democratic Congress largely criticized the programme, almost demonizing it, and calling Bawumia names.
But today, the domestic gold purchase programme, championed by Bawumia, has become Ghana’s savior as it keeps providing relief.
The programme, aimed at building Ghana’s gold reserves, significantly boosted the reserves from 8 tonnes when it commenced in 2022 and currently stand at over 30 tonnes, hence recording an unprecedented rise in Ghana’s history.
Despite the intense criticisms by the incumbent Mahama government against the programme, its objectives and success have now been realized by the current Bank of Ghana’s Governor.
The Domestic Gold Purchase Programme has become a key part of Bank of Ghana’s strategy to curb over-reliance on foreign currency and ensure stability of Ghana’s currency.