The Bank of Ghana just dropped some numbers on social media, and wow, they’re really pushing the Gold Purchasing Scheme that Dr. Bawumia kicked off. Honestly, this whole thing started when Ghana’s economy was in the pits crazy inflation, cedi acting up, fuel prices through the roof. The plan? Stack up Ghana’s gold reserves and use them as leverage for more foreign currency, plus calm the wild swings in the cedi and those nasty fuel hikes. Smart move, honestly.
And that Gold for Oil thing? Basically, they traded local gold for oil imports kinda genius if you ask me. So, Dr. Bawumia’s plan wasn’t just some PR stunt; the numbers actually back him up. The Bank of Ghana released a month-by-month breakdown, and you can literally see the gold reserves shoot up after May 2023, right before the government switched in January.
Let’s talk numbers. Back in May 2023, Ghana had 8.78 tonnes of gold stashed away. Fast-forward to December 2024, just before the NPP handed over power, and boom 30.53 tonnes. That’s a jump of 21.75 tonnes in a year and a half. Pretty wild, right?
Now, under the new NDC guys, from January to June 2025, they’ve only managed to add 2.45 tonnes. So, the total sits at 32.99 tonnes now. If you break it down, since independence up to May 2023, Ghana managed to pile up 8.78 tonnes (which is, what, 26.6% of the total?). NPP, under Bawumia, stacked up a massive 21.75 tonnes (66%). The new NDC crew? Just 2.46 tonnes (7.4%) in six months.
Oh, and get this within the first six months of launching the scheme, they grabbed 9.41 tonnes. Talk about hitting the ground running. The early results weren’t just good; they were kind of a slam dunk.