Jinapor Sets Record Straight on Gold Programme, Says Bawumia Was the Brainchild
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| Samuel Abu Jinapor has defended the origins and record of Ghana’s Domestic Gold Purchase Programme. |
Former Lands and Natural Resources Minister Samuel Abu Jinapor has entered the growing debate over Ghana’s Domestic Gold Purchase Programme (DGPP), insisting that the initiative was conceived by then Vice President and NPP flagbearer Dr Mahamudu Bawumia.
Jinapor made the claim in a Facebook statement on Monday, August 31, 2026, following recent comments by Bawumia while addressing the Ghana National Association of Small Scale Miners.
The former minister said he considered it necessary to respond because he was the minister responsible for mines when the programme was introduced.
According to Jinapor, the public record should clearly establish who conceived the programme, how it was implemented and what impact it had on Ghana’s gold reserves and the wider economy.
Jinapor: Bawumia conceived the programme
Jinapor said the Domestic Gold Purchase Programme was the brainchild of Dr Bawumia, who was then serving as head of Ghana’s Economic Management Team.
He explained that the initiative emerged at a time when Ghana was facing severe economic difficulties following the twin shocks of the COVID-19 pandemic and the Russia-Ukraine war.
According to his account, Bawumia held strategic meetings with relevant stakeholders and instructed the Ministry of Lands and Natural Resources to engage stakeholders under the ministry before the programme was formally launched.
The programme was launched on June 17, 2021, at the then headquarters of the Bank of Ghana.
Jinapor said the initiative was designed to use Ghana’s domestic gold production to strengthen the country’s gold reserves and augment its foreign-exchange reserves.
A different approach to building gold reserves
Jinapor argued that the programme represented a significant change in the way Ghana accumulated gold reserves.
He said that when Ghana sought to boost its gold reserves in 1960, gold was purchased from abroad and transported to the Bank of Ghana’s vault.
Under the DGPP, however, the Bank of Ghana purchased gold locally from licensed aggregators and mining companies, paying them the Ghana cedi equivalent of the prevailing market price.
Jinapor cited remarks made by the then Governor of the Bank of Ghana at the launch, describing the initiative as a historic change in the central bank’s foreign-exchange reserve management operations.
The objective was therefore not simply to purchase gold.
It was to use Ghana’s own gold production as a mechanism for strengthening the country’s reserve position.
Gold reserves increased significantly
One of Jinapor’s strongest arguments concerns the growth in Ghana’s gold reserves following the introduction of the programme.
He said Ghana’s gold reserve stood at 8.77 tonnes when the DGPP was launched.
According to him, the Bank of Ghana initially targeted doubling that figure within five years.
But by December 2024, Jinapor said the reserve had risen to 30.53 tonnes, almost four times the level recorded when the programme began.
For Jinapor, the increase demonstrates the scale of the programme’s impact and shows that the original reserve-accumulation target was exceeded well before the five-year period had elapsed.
Government introduced stricter gold purchasing rules
Jinapor also outlined measures taken by the Ministry of Lands and Natural Resources during his tenure to strengthen the implementation of the programme.
He said the ministry held a series of meetings with the Ghana Chamber of Mines and the Ghana National Association of Small Scale Miners before invoking the government’s pre-emptory right under Section 7 of the Minerals and Mining Act, 2006 (Act 703).
According to Jinapor, the ministry subsequently issued policy directives to the Minerals Commission and the then Precious Minerals Marketing Company (PMMC).
He said the directives were later amended on January 4, 2024.
Under the directives, Jinapor said all large-scale mining companies were required to sell 20 percent of their refined gold to the Bank of Ghana in Ghana cedis before exporting the remaining portion.
He added that Community Mining Schemes and licensed small-scale miners were required to sell their gold to government through PMMC.
Jinapor stressed that the policy deliberately focused on licensed and responsible small-scale miners because the government did not want illegally sourced gold to enter the programme.
He said the Minerals Commission, PMMC and Bank of Ghana coordinated the implementation, with support from the Ghana Chamber of Mines and the Ghana National Association of Small Scale Miners.
Gold exports reached a record $11.6 billion
Despite the measures introduced to channel more gold into the domestic purchasing programme, Jinapor said Ghana’s gold exports continued to grow.
According to his statement, gold exports reached a record US$11.6 billion in 2024, compared with US$7.6 billion in 2023 and US$6.6 billion in 2022.
The figures highlight the growing importance of gold to Ghana’s foreign-exchange earnings and the wider economy.
Jinapor also pointed to the export figures as evidence of the scale of activity within Ghana’s gold sector during the period.
Jinapor links the programme to economic stability
The former minister further argued that the gold accumulated through the Domestic Gold Purchase Programme has played an important role in Ghana’s economic position.
He cited remarks attributed to current Bank of Ghana Governor Dr Johnson Asiama at the 77th Annual New Year School and Conference held at the University of Ghana on January 6, 2026.
According to Jinapor, Dr Asiama said the Domestic Gold Purchase Programme had strengthened Ghana’s external buffers and contributed to the Bank of Ghana’s objective of achieving macroeconomic stability.
Jinapor therefore described the accumulated gold reserves as an important component of Ghana’s economic position.
Jinapor challenges the GANRAP narrative
The former minister’s most politically significant argument concerns the government’s Ghana Accelerated National Reserve Accumulation Policy, known as GANRAP.
Jinapor argues that the current policy is essentially a renamed version of the Domestic Gold Purchase Programme introduced under the Akufo-Addo/Bawumia administration.
“This Government’s ‘Ghana Accelerated National Reserve Accumulation policy (GANARAP),’ is nothing more than a renaming of the Domestic Gold Purchase Programme,” Jinapor stated.
The current administration has positioned its reserve accumulation strategy as part of efforts to use Ghana’s gold resources to strengthen national reserves.
The development has also resulted in new arrangements involving the Bank of Ghana, GoldBod and large-scale mining companies.
Also Read: Ghana Signs 30% Gold Deal With Large-Scale Mining Companies
That development provides another important piece of context to the ongoing debate over Ghana’s gold reserves and the government’s strategy for retaining more value from the country’s gold production.
GoldBod controversy adds another dimension
The debate over the origins and performance of the Domestic Gold Purchase Programme comes at a time when Ghana’s gold purchasing system is already facing political and economic scrutiny.
A separate controversy has emerged over claims of a US$1.7 billion loss associated with domestic gold purchasing arrangements.
Also Read: GoldBod Dispute Deepens as Sammy Gyamfi Rejects $1.7bn Loss Claim
The disagreement has intensified questions about the financial cost of Ghana’s gold purchasing strategy and the responsibilities of the institutions involved.
For Jinapor, however, the central issue in his latest intervention is the historical origin and contribution of the DGPP.
He wants the programme’s achievements to be assessed alongside the growth in Ghana’s gold reserves and its contribution to strengthening the country’s external position.
Gold, the cedi and Ghana’s reserves
The debate is also taking place against the broader discussion about Ghana’s foreign-exchange position and the role of gold in supporting the cedi and macroeconomic stability.
Also Read: Cedi Under Pressure as Dollar Sells at GH¢12.30 on Forex Market
Gold has increasingly featured in discussions about Ghana’s reserves and the country’s efforts to reduce its vulnerability to external shocks.
Jinapor’s argument is that the DGPP should be viewed within this wider economic context rather than simply as a political initiative.
What Jinapor wants the public record to show
At the heart of Jinapor’s statement is a question of political and policy ownership.
He says Dr Mahamudu Bawumia conceived the Domestic Gold Purchase Programme while serving as head of the Economic Management Team.
He points to the programme’s launch in 2021, the subsequent increase in Ghana’s gold reserves and the policy measures introduced to channel more domestically produced gold into the country’s reserve accumulation efforts.
He further argues that GANRAP represents a continuation or renaming of the earlier initiative.
These assertions form part of Jinapor’s response to the current political debate over Ghana’s gold policy, and the competing interpretations of the programme remain a matter of public discussion.
Jinapor puts his position on record
For the former minister, the issue is ultimately about ensuring that the history of Ghana’s gold reserve accumulation accurately reflects the origins of the programme.
Jinapor maintains that the Domestic Gold Purchase Programme was the brainchild of Dr Mahamudu Bawumia and argues that the programme contributed significantly to the increase in Ghana’s gold reserves and the strengthening of the country’s external position.
His intervention adds a fresh political dimension to the continuing debate over Ghana’s gold strategy, particularly as the government advances GANRAP and expands the role of GoldBod in the gold sector.
For now, Jinapor’s position is clear: he wants the public record to recognise Dr Bawumia as the originator of the Domestic Gold Purchase Programme.
The debate over who conceived the programme, how it performed and how its legacy should be carried forward is likely to continue as Ghana places increasing emphasis on gold as a strategic national asset.
Source: Samuel Abu Jinapor / Facebook
Global Pulse GH Editorial Desk






