Ghana's Gold Programme: A Nuanced Picture Behind the Numbers

The Bank of Ghana's Domestic Gold Purchase Programme aimed to strengthen the country's foreign-exchange reserves by purchasing gold from domestic producers, converting it into foreign exchange, and accumulating it as part of Ghana's reserves.

Gold was acquired at prevailing market prices but recorded in the bank's books at the official Bank of Ghana exchange rate, resulting in an accounting adjustment. The difference between these rates created a large exchange rate adjustment that accounted for GHS21.89 billion of the programme's cost.

The gold was exported and sold to offtakers, with the resulting foreign exchange becoming part of Ghana's reserves. After accounting for the government's GHS5 billion cost share and GHS7.9 billion in realised gains on gold bullion sales, the net cost recognised in the bank's accounts was GHS9.05 billion.

The programme contributed to a significant increase in formal artisanal and small-scale gold exports, from 63.6 tonnes in 2024 to 103 tonnes in 2025, with an estimated US$3.54 billion in gold redirected from illegal traders into Ghana's reserves.