IMF Praises Ghana's Domestic Gold Purchasing Programme for Economic Stability

The International Monetary Fund (IMF) has lauded Ghana's Domestic Gold Purchasing Programme (DGPP), initiated in 2022 by former Vice President Dr. Mahamudu Bawumia, for its significant contributions to the country's economic stability during a challenging period. The programme has successfully increased Ghana's gold reserves from 8 tonnes to 30 tonnes over two years, which has positively impacted the value of the Ghanaian Cedi, reducing it from nearly 17 to 14 by 2024. This improvement has also contributed to lowering inflation and fuel prices. While the IMF acknowledged the programme's role in bolstering international reserves, it urged for enhanced transparency and risk management in light of recent losses associated with the initiative.