Gold Purchasing Programme: BoG buys gold worth $700m

The Bank of Ghana’s Gold Purchasing Programme, which was launched in 2021, has been instrumental in boosting the country’s gold reserves. As of now, the Bank of Ghana has purchased gold worth approximately $700 million as part of this program.

This initiative has been praised by Dr. Ernest Addison, the Governor of the Bank of Ghana, for its positive impact on stabilizing the economy.

The Gold Purchasing Programme involves the purchase of domestically produced gold from selected gold aggregators and mining firms. The Bank pays for the gold in the local currency at the prevailing market price.

This not only supports the domestic gold industry but also contributes to the country’s foreign exchange reserves.

Dr. Addison emphasized that this program has not only helped stabilize the economy but has also played a significant role in maintaining a stable exchange rate.

In addition to the $700 million worth of gold purchased for reserves, the Bank of Ghana has also bought gold for oil, potentially exceeding $700 million in value.

When these two sources of gold purchases are combined, it amounts to over $1.4 to $1.5 billion, making it a substantial foreign exchange source for Ghana in 2023.

The success of the Gold Purchasing Programme is underscored by its potential to double the Bank of Ghana’s gold holdings over the next five years. This initiative reflects the country’s commitment to harnessing its gold resources for economic stability and growth

Source: Norvanreports

 

BoGDr. Ernest AddisonGhanaGoldprice
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