Bawumia Was Brainchild Behind Domestic Gold Purchase Programme – Jinapor
Jinapor says Bawumia conceived the Domestic Gold Purchase Programme in 2021 to strengthen Ghana’s gold reserves and economic stability.
- Bawumia conceived the gold purchase programme
- Gold reserves nearly quadrupled by 2024
- Jinapor credits programme with economic stability
Former Lands and Natural Resources Minister Samuel Abdulai Jinapor has defended former Vice President Dr Mahamudu Bawumia’s role in the introduction of Ghana’s Domestic Gold Purchase Programme (DGPP).
According to the Damongo MP, the programme was conceived by Dr Bawumia, who was then Head of the Economic Management Team, at a time Ghana was facing severe economic challenges linked to the COVID-19 pandemic and the Russia-Ukraine war.
In a Facebook post, Mr Jinapor said Dr Bawumia held strategic meetings with key stakeholders before directing the Ministry of Lands and Natural Resources to engage relevant stakeholders ahead of the programme’s formal launch on June 17, 2021.
He explained that the initiative represented a major shift from Ghana’s previous approach to building its gold reserves.
Under the programme, the Bank of Ghana began purchasing gold locally from licensed aggregators and mining companies, paying them the cedi equivalent of the prevailing market price.
Mr Jinapor said the initiative had significantly boosted Ghana’s gold reserves, which stood at 8.77 tonnes when the programme was launched.
He noted that although the Bank of Ghana initially targeted doubling the reserves within five years, the figure had nearly quadrupled to 30.53 tonnes by December 2024, less than four years into implementation.
According to Mr Jinapor, the programme has also contributed significantly to Ghana’s economic stability and strengthened the country’s external reserves.
He therefore urged the public record to recognise Dr Mahamudu Bawumia as the brainchild behind the Domestic Gold Purchase Programme.
