BoG to purchase gold in cedis to help shore up Ghana’s foreign reserve

The Bank of Ghana (BoG) will from September purchase a portion of the output of gold from mining companies on a continuous basis at world market prices in the local currency the Ghana cedi.

The move was announced after the Economic Management Team met with the Bank of Ghana (BoG), Ministry of Lands and Natural Resources, Minerals Commission, Precious Mineral Marketing Company and the Ghana Chamber of Mines on Tuesday (9 August).

This is expected to help shore up the Bank of Ghana’s foreign reserve in the coming months .

Vice-President Dr Mahumudu Bawumia in a Facebook post said the initiative will also help strengthen Ghana’s balance of payment.

“The Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission and PMMC met with the Ghana Chamber of Mines this morning to draw a roadmap for the implementation of the Bank of Ghana’s Gold Purchase Program across the industry,” Bawumia posted on Facebook.

“It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st (next month), the Bank of Ghana will 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.”

Bawumia added, “This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the balance of payments.”

Fred Dzakpata

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