The Bank of Ghana says its Domestic Gold Purchase Programme (DGPP) has strengthened Ghana’s foreign exchange reserves and supported stability in the foreign exchange market.
In its 2025 financial statements, the central bank said the programme has contributed to the stabilisation of Ghana’s foreign exchange market by strengthening reserve buffers and reducing structural pressures on foreign currency demand. 
The Bank said the domestic acquisition of gold enabled it to augment foreign exchange reserves without recourse to the domestic foreign exchange market, easing pressure on the cedi.
According to the report, the conversion of gold into monetary gold as a reserve asset has strengthened reserve adequacy and enhanced the Bank’s capacity to provide liquidity support to the market during periods of stress. 
The central bank said the programme has also advanced reserve diversification, reduced dependence on foreign currency-denominated assets, and bolstered confidence in its external position and policy framework.
The DGPP was launched on June 17, 2021 in response to macroeconomic pressures, including depleted foreign exchange buffers, exchange rate pressures and weakened investor confidence.
Under the programme, the Bank purchases refined gold from mining companies, acquires dore gold for refining into monetary gold, and purchases gold through the Ghana Gold Board for export to generate foreign exchange for market intermediation purposes. 
The report said income from gold-related transactions contributed to the Bank’s policy solvency position in 2025.
The Bank of Ghana reported a GH¢15.63 billion loss for 2025, compared with GH¢9.49 billion in 2024, while its negative equity position widened to GH¢93.82 billion from GH¢58.62 billion in the previous year. 
Despite this, the Bank said it remained policy solvent, recording GH¢5.5 billion in operating income after the cost of open market operations, compared with GH¢793.5 million in 2024. 
The central bank said government’s recapitalisation programme, agreed with the Ministry of Finance, will support the restoration of its capital base over the medium term.
