Jinapor highlights record gold exports after Domestic Gold Purchase Programme

Former Lands and Natural Resources Minister Samuel Abdulai Jinapor has vehemently rejected allegations questioning the pivotal role played by former Vice President Dr Mahamudu Bawumia in the inception of Ghana’s Domestic Gold Purchase Programme. Jinapor, who represents the Damongo constituency as an MP, underscored that the programme was conceived by Dr Bawumia during a period marked by substantial economic turbulence caused by the COVID-19 pandemic and the Russia-Ukraine conflict.

In a Facebook post dated August 31, 2026, Jinapor detailed how Dr Bawumia, then the Head of the Economic Management Team, convened crucial meetings with key stakeholders to explore the feasibility of the initiative. It was subsequently under his leadership that the Ministry of Lands and Natural Resources embarked on a collaborative effort with stakeholders to lay the groundwork for the programme's official launch on June 17, 2021.

Jinapor emphasized that this program marked a significant shift from Ghana’s earlier strategy of importing gold to bolster its reserves, a practice observed in 1960. Under the new framework, the Bank of Ghana was authorized to acquire gold domestically from licensed aggregators and mining entities, compensating them at the prevailing market rate in Ghana cedis.

This approach not only diversified the source of gold supply but also notably swelled Ghana’s gold reserves from 8.77 tonnes at the time of launch to an impressive 30.53 tonnes as of December 2024. The trajectory of its growth exceeded Dr Bawumia's five-year target of doubling the reserves. Jinapor also highlighted the program's contribution to bolstering Ghana’s economic resilience and external reserves.

He cited Bank of Ghana Governor Dr Johnson Asiama’s endorsement, which attested to the program’s role in reinforcing external buffers and ensuring macroeconomic stability. Jinapor concluded by championing the need for accurate historical records that recognize Dr Bawumia as the architect of the Domestic Gold Purchase Programme.