By: Alexander Afriyie
In a remarkable display of economic continuity, Ghana’s gold reserves have continued to play a crucial role in supporting the country’s economy, despite the change in government. According to figures released by the Bank of Ghana (BoG) and the Precious Minerals Marketing Corporation (PMMC), the previous government’s gold purchase program has left a lasting legacy.
As of March 2025, the new government inherited 30.53 tonnes of gold in reserve, a testament to the success of the previous government’s policy championed by Dr. Mahamudu Bawumia (DMB). Fast forward to the end of April 2025, the reserves stood at 31.37 tonnes, indicating that the new government, led by President John Dramani Mahama (JM), has added less than 1 ton to the reserves.
However, the JM government has made significant strides in selling gold and pumping the dollars received into the economy. According to PMMC figures, gold sales in 2025 have been impressive, with January recording $506 million, February $579 million, March $742 million, and April $897 million. This translates to over $2.7 billion dollars of revenue, a significant boost to the economy.
The cumulative effect of these actions is evident in the strengthening of the Ghanaian cedi. The previous government’s gold reserve policy, championed by DMB, has provided a solid foundation for the current government’s economic management. The JM government’s decision to sell gold and inject the dollars into the economy has helped to stabilize the cedi.
This development highlights the importance of continuity and collaboration in economic policy-making. It is a testament to the fact that no one government can develop Ghana alone; it is a baton relay that requires collective effort and commitment to good ideas.
As the country moves forward, it is essential to acknowledge and build on the successes of previous governments. The gold reserve policy initiated by DMB and continued by JM is a prime example of this. By working together and embracing good ideas, Ghana can continue to make progress and achieve economic stability.
In the words of a prominent Ghanaian economist, “It is time for us to put aside partisan politics and work towards a common goal – the development of our great nation, Ghana.” As the country looks to the future, it is essential to remember that economic progress is a collective effort that requires continuity, collaboration, and a commitment to good ideas. Alexander Afriyie