Former Minister for Lands and Natural Resources Samuel Abu Jinapor has said the Domestic Gold Purchase Programme (DGPP) was conceived by then Vice President and NPP flagbearer Dr Mahamudu Bawumia.

Dr Bawumia recently explained that the programme was introduced as an emergency measure when Ghana faced severe foreign exchange pressures following the COVID-19 pandemic and the Russia-Ukraine war.

His comments have generated discussions about the origins, implementation and impact of the programme, including the reported financial losses now being scrutinised by Parliament.

In a social media post on Monday, August 31, Mr Jinapor said Dr Bawumia, then head of the Economic Management Team, conceived the programme, held strategic meetings with relevant stakeholders and instructed the Ministry of Lands and Natural Resources to engage stakeholders before its formal launch on June 17, 2021.

“The Domestic Gold Purchase Programme is the brainchild of H.E. Dr. Mahamudu Bawumia, conceived at a time when the country was facing severe economic challenges as a fallout from the twin crisis of the COVID-19 pandemic and the Russian – Ukraine war,” he wrote.

He said the programme marked the first time the Ghanaian government was purchasing gold domestically to strengthen gold reserves and augment the country’s foreign exchange reserves.

Under the programme, the Bank of Ghana purchased gold locally from licensed aggregators and mining companies and paid them the cedi equivalent of the prevailing market price.

The central bank’s own policy framework confirms that the DGPP began in June 2021 with an initial objective of doubling Ghana’s 8.74-tonne gold reserve within five years.

According to the former Minister, Ghana’s gold reserves stood at 8.77 tonnes when the programme was launched but had risen to 30.53 tonnes by December 2024.

He said the increase meant the Bank of Ghana had almost quadrupled its gold reserves in less than four years, exceeding its original five-year target.

The Damongo Member of Parliament further linked the current Ghana Accelerated National Reserve Accumulation Policy (GANRAP) to the earlier programme, describing it as a renamed version of the DGPP.

“The Domestic Gold Purchase Programme which has resulted in the exponential increase of the reserves of the Central Bank of our country and contributed significantly to our national economy was the brainchild of H.E Dr. Mahamadu Bawumia,” he reiterated.