FACT-CHECK: Bawumia played key role in introduction of Domestic Gold Purchase Programme

A recent debate has emerged over the origins of Ghana’s Domestic Gold Purchase Programme (DGPP). Some argue that former Vice President Dr. Mahamudu Bawumia was pivotal in its inception, while others remain skeptical. A thorough examination of available evidence, however, suggests that Dr. Bawumia indeed played a crucial role in both introducing and expanding the DGPP as a key economic policy.

The most compelling evidence comes from the Bank of Ghana Governor’s own remarks during the programme’s launch on June 17, 2021. At the ceremony, Dr. Ernest Addison, then Governor of the Bank of Ghana, explicitly acknowledged Bawumia’s contribution, stating that the Vice President “got this programme started.” This statement, made at the beginning of the initiative, provides clear, official confirmation of Bawumia’s initiating role.

Supporting this claim is the Ghana Chamber of Mines’ documentation from September 2022. The publication detailed how Bawumia participated in a meeting with key stakeholders, including representatives from the Ghana Minerals Commission, PMMC, and the Chamber itself. At this meeting, it was agreed that the Bank of Ghana would purchase a portion of the gold output from local mining companies at world market prices, beginning in September 2022.

The Chamber’s account notes that Bawumia later explained that this arrangement would significantly bolster the Bank of Ghana’s foreign exchange reserves and improve the country’s balance of payments.

Furthermore, the new Gold-for-Forex policy outlined in the New Patriotic Party’s 2024 manifesto directly attributes Bawumia’s role in institutionalizing the DGPP. The manifesto describes the DGPP as a mechanism for building Ghana’s foreign-exchange reserves through domestic gold purchases, reinforcing Bawumia’s continued leadership in shaping the policy.

While the evidence also highlights the collaborative nature of the programme—engaging the Bank of Ghana, mining companies, and other state institutions—it is clear that Bawumia’s involvement began early on and extended into the development of the policy framework. The Bank of Ghana’s written responses to Parliament’s Finance Committee in July 2026 further illustrate how the programme evolved, demonstrating its significance within Ghana’s foreign-exchange management framework.

In light of these findings, it is accurate to conclude that Dr. Mahamudu Bawumia played a key role in the introduction and subsequent development of Ghana’s Domestic Gold Purchase Programme. The evidence, ranging from direct statements by the Bank of Ghana Governor to Chamber of Mines records and subsequent policy pledges, confirms Bawumia’s pivotal contribution to this key economic initiative.