The Bank of Ghana has up to date purchased gold worth about $700 million in reserves as part of its ‘Gold Purchasing Programme’.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison, the domestic ‘Gold Purchasing Programme’ has been very strong in helping to stabilise the economy.
“The domestic Gold Purchasing Programme has been very innovative and has been very strong in helping stabilise the economy, and has been very strong in helping to keep the exchange rate stable”.
On the year-to-date basis, we have to the tune of over $700 million for reserves which is gold for reserves.
“The actual numbers are there and we can share the exact numbers with you. We have also bought gold for oil probably even higher than the $700 million dollars. So if you put the two together we are looking at over $1.4 to $1.5 billion dollars just came from the domestic Gold purchases Programme”.
“It is the single most important foreign exchange sources in 2023 nearly doubled the amount of money that we have received from the International Monetary Fund. So, we are very very proud about that particular initiative”, the Governor concluded.
The Bank of Ghana in 2021 launched the Gold Purchasing Programme.
This enabled the Central Bank buy domestically produced gold from selected gold aggregators and mining firms and pay in the local currency at the prevailing market price.
Through this programme the BoG expects to double its gold holdings in the next five years.
VOICE OF DR ERNEST ADDISON