{"id":89153,"date":"2025-08-11T07:57:56","date_gmt":"2025-08-11T07:57:56","guid":{"rendered":"https:\/\/sotnews.agency\/?p=89153"},"modified":"2025-08-11T07:57:56","modified_gmt":"2025-08-11T07:57:56","slug":"domestic-gold-purchase-programme-has-helped-stabilise-cedi-ease-inflation-first-deputy-governor","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=89153","title":{"rendered":"Domestic Gold Purchase Programme has helped stabilise cedi, ease inflation \u2013 First Deputy Governor"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 24 Second <\/div>\n\n <\/div>
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First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, says the Central Bank\u2019s Gold Purchase Programme has been instrumental in stabilising the cedi and easing inflation in recent months.<\/p>\n

He noted that the programme has also \u201cimproved the country\u2019s credit profile from restrictive default to B- with a stable outlook in June 2025, boosting investor confidence.\u201d<\/p>\n

Dr. Zakari disclosed this at the CNVERGE\u201925 Africa Premier Trade Banking Programme in London, adding that these developments \u201chave contributed to a stable macroeconomic environment, which is of critical interest to your work.\u201d<\/p>\n

BoG\u2019s Gold Purchase Programme<\/strong><\/p>\n

Launched in June 2021, the Gold Purchase Programme aims to increase the Central Bank\u2019s gold reserves and diversify its assets. It allows the Bank of Ghana to buy gold from local mining firms and pay them in Ghana cedis.<\/p>\n

The initiative is part of efforts to reduce the Bank\u2019s reliance on the US dollar, which is more vulnerable to global market shocks, compared to gold. It also addresses concerns about Ghana\u2019s previously low gold reserves.<\/p>\n

As of July, the Bank of Ghana\u2019s gold reserves had reached 34.40 tonnes.<\/p>\n

Gold for Oil Programme<\/strong><\/p>\n

Dr. Zakari also highlighted how the success of the Gold Purchase Programme paved the way for the Gold for Oil initiative, which \u201cprovides FX and gold to support the importation of petroleum products through government-to-government arrangements.\u201d<\/p>\n

He praised the programme for \u201csecuring petroleum imports at competitive prices, easing pressure on the forex market, and stabilising ex-pump petroleum prices.\u201d<\/p>\n

According to him, this has helped moderate \u201cvolatile ex-pump price pass-through effects on transport costs, and in turn, inflation.\u201d<\/p>\n<\/div>\n

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\"DomesticFirst Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, says the Central Bank\u2019s Gold Purchase Programme has been instrumental in stabilising the cedi and easing inflation in recent months.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1904,6279,2558,1978,1917,1883,10,9],"tags":[],"class_list":["post-89153","post","type-post","status-publish","format-standard","hentry","category-banking-and-finance","category-domestic-gold-purchase-programme","category-dr-zakari-mumuni","category-hp-business-1","category-hp-news-4","category-national","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/89153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89153"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/89153\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}