Mining firms in the country have so far contributed 432,000 ounces of gold to the Domestic Gold Purchase Programme (DGPP) through the Ghana Chamber of Mines this year.
The revelation came after officials of the Bank of Ghana (BoG) met with the Ghana Chamber of Mines to discuss the chamber’s continuous support through the Domestic Gold Purchase Programme (DGPP) in 2024 and beyond.
Sharing the news on Facebook on Tuesday (12 December), the Chamber said the DGPP has contributed significantly to the stability of the local currency, the cedi.
Reserves
Meanwhile, the Bank of Ghana, in the first half of the year, has been able to build US$1 billion in reserves, mainly coming from its gold purchase programme and settlement of short-term liabilities.
Consequently, the country’s Gross International Reserves (excluding encumbered assets and petroleum funds) improved to US$2.35 billion, equivalent to 1.1 months of import cover, compared with US$1.44 billion (0.6 months of import cover) recorded at the end of December 2022.
The Bank’s Domestic Gold Purchase Programme was launched in June 2021, with the key objective of shoring up the bank’s foreign reserves by purchasing domestically produced gold and converting the same into foreign assets (monetary gold).
Since the inception of the programme, a total of 7.73 tons of monetary gold, valued at approximately US$480 million, has been added to reserves well ahead of the target of doubling the gold holdings in five years.
Reporting by Fred Dzakpata in Accra
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