BOG Governor Acknowledges Impact Of Bawumia’s Gold Purchasing Initiative

The Governor of the Bank of Ghana, Dr Johnson Asiamah, has acknowledged the impact of Ghana’s improved gold reserve initiated by the previous government,

According to him, this reserve is helping to stabilise the cedi against foreign currencies.

In an interview with Joy News, the new Governor said the Central Bank now has enough gold reserve.

“Going forward, we have enough reserves to maintain the current stability the cedi is enjoying against the US dollar,” he said.

Dr. Asiamah’s revelation that the Bank of Ghana has adequate gold reserves vindicates Dr Mahamudu Bawumia’s strong proposition for the Bank of Ghana to commence a gold purchasing initiative to boost Ghana’s gold reserve.

The former Vice President of Ghana, Dr Bawumia argued that an improved gold reserve by the Central Bank is key to stabilising the country’s currency and, in 2022, following the depreciation of the cedis, he launched the Bank of Ghana’s gold purchasing initiative which has boosted Ghana’s gold reserve after three years.

Ghana’s gold reserves, at the time that Dr Bawumia introduced the Central Bank’s gold purchasing programme, was a paltry 8 tonnes but had significantly increased by more than threefold to 30.5 tonnes when the previous government handed over in January 2025.

This significant rise in Ghana’s gold reserves through the gold purchasing agreement which the current government has sustained through the  Ghana Gold Board (GoldBod), coupled with global impact of the United States’ trade war which has weakened the US Dollar, have been cited by experts as factors contributing to the recent strength of the cedi.

The Bank of Ghana’s gold purchasing programme also helped the country to successfully implement the “Gold for Oil” programme aimed at stabilising both the cedi and fuel prices.

Source: Ghmessenger.com