Official economic data and subsequent analysis confirm the Gold policy inflation claim holds substantial truth. Ghana successfully achieved an 8.0% inflation rate in October 2025. The rate reached the Bank of Ghana’s crucial target range. This historic drop marks an impressive turnaround from the 54.1% multi-decade high recorded in late 2022. The Akufo-Addo administration’s innovative Gold-for-Oil (G4O) and Domestic Gold Purchase (DGP) programs crucially drove this success.
The G4O program began in late 2022 to reduce reliance on foreign currency for fuel imports. Consequently, the scheme used domestically sourced gold to pay for oil. This immediately reduced the acute demand for US dollars. This action directly addressed the major driver of imported inflation. Furthermore, the DGP program helped the Bank of Ghana build official gold reserves. This supported the central bank’s actions. The Cedi stabilized and appreciated significantly as a result of these interventions.
Financial Minister Cassiel Ato Forson addressed Parliament in November 2025. He acknowledged the successful disinflation process during his 2026 budget presentation. Indeed, the 8.0% rate marked the 10th consecutive month of decline. Proponents of the previous administration’s policies maintain the gold schemes were the primary catalyst. Specifically, they assert these programs explicitly aimed to bring the rate down to the single-digit target.
Analysts agree the gold policies provided essential exchange rate stabilization. However, a combination of factors eventually delivered the 8.0% target. The Bank of Ghana’s strict monetary policy and the Ministry of Finance’s fiscal consolidation also played crucial roles. Conversely, institutions like the IMF and World Bank had made more cautious projections for 2025 average inflation. The GSS recorded the 8.0% figure as the most recent actual performance. Ultimately, the programs served as an anchor. The G4O and DGP cushioned the economy against external shocks, easing forex pressure.
The Gold policy inflation claim is thus verified, though it requires context. The gold programs significantly contributed to Cedi stability. This created a prerequisite for controlling imported inflation. Moreover, the stabilizing effect on fuel prices helped soften second-round inflation impacts. Therefore, the nation recognizes the programs as key contributors to the 8.0% target achievement. This economic success provides a solid base for further growth.
Source: Citinewsroom (April 18, 2024), Ghanafact (November 13, 2025), and Economic Analysis Reports (March 18, 2025)
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