Ghana: Bank of Ghana Buys Gold in Cedis

11 August 2022
Ghanaian Times (Accra)

A roadmap has been developed for the implementation of the Bank of Ghana Gold Purchase Programme.

Consequently, the Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission and PMMC on Tuesday met with the Ghana Chamber of Mines to that effect.

A statement issued by the BoG said under the roadmap it was agreed that to help shore up the foreign exchange reserves of the Central Bank, starting the beginning of next month (September 1, 2022), the BoG would purchase a portion of the output of the gold mining companies on a continuous basis at world market prices but payment will be made in cedis.

"This will represent a significant and sustainable addition to Ghana's foreign exchange reserves over time and strengthen the balance of payments," the BoG said.

The BoG a couple of years ago embarked on the Gold Purchase Asset Programme to buy gold locally to shore up the country's reserves and balance of payment.

A strong reserve position would strengthen the local currency, the cedi.

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