For the primary time in about 60 years, the Financial institution of Ghana (BoG) has bought gold to reinforce its gold reserves and shore up the nation’s overseas belongings.
The financial institution purchased 280 kilogrammes of the dear metallic this yr underneath a historic gold buy programme meant to double its gold reserves and complement the standard ways in which the nation has constructed reserves through the years.
It has since put aside GH¢200 million for use to buy 540kg of gold produced domestically this yr.
Though gold buy is a essential element of central banking internationally, the BoG solely returned to the enterprise this yr after exiting it round 1961.
It now goals to purchase greater than 17,500kg — about 17.54 tonnes — of the dear metallic within the subsequent 5 years.
Giving an replace on the programme which took off in June this yr, the Director of the Monetary Markets Division on the BoG, Dr Steve Opata, advised the Each day Graphic in Accra final Monday that the initiative had been profitable and the financial institution was on observe to hitting its goal for the yr and the following 5 years.
Learn the total article in immediately’s version of the Each day Graphic. Thanks
Supply: Each day Graphic
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