Ghana news briefing
Beyond the Numbers: Understanding the Bank of Ghana’s Domestic Gold Purchase Programme(DGPP)
By GhanaSummary Newsroom1 min read
Turning Ghana’s gold into economic strength The Domestic Gold Purchase Programme sought to purchase gold produced domestically, export it and convert the proceeds into foreign exchange that becomes part of Ghana’s reserves.
In this case, gold was purchased from miners in cedis at prevailing market prices but recorded in the Bank’s books at the official Bank of Ghana exchange rate in accordance with International Accounting Standard (IAS) 21.54 billion in gold redirected from illegal traders into Ghana’s reserves.
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