Abu Jinapor defends Domestic Gold Purchase Programme, credits Bawumia with its introduction
Former Minister of Lands and Natural Resources and Member of Parliament for Damongo, Samuel Abu Jinapor, has defended the Domestic Gold Purchase Programme (DGPP), crediting former Vice President Dr Mahamudu Bawumia with conceiving the policy. Mr Jinapor’s comments in a write-up come in response to recent remarks by Dr Bawumia, the New Patriotic Party (NPP) flagbearer, while addressing members of…
Former Minister of Lands and Natural Resources, Samuel Abu Jinapor, has defended the Domestic Gold Purchase Programme (DGPP), crediting former Vice President Dr Mahamudu Bawumia with its introduction. The programme, launched in June 2021, aimed to strengthen Ghana's gold reserves and augment foreign exchange reserves by purchasing gold domestically from licensed aggregators and mining companies.
Jinapor stated that the programme exceeded its initial target of doubling gold reserves within five years, with reserves increasing to 30.53 tonnes by December 2024. Additionally, the DGPP has led to policy directives requiring large-scale mining companies and licensed small-scale miners to sell a portion of their refined gold to the Bank of Ghana, ensuring the exclusion of illegally sourced gold.
Despite concerns about potential impacts on gold exports, Jinapor emphasized that the measures did not hinder Ghana's strong export performance, with gold exports reaching a record US$11.6 billion in 2024.
Brief written by urgent.news from Joy Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
