A road map for the Bank of Ghana’s Gold Purchase Programme has been developed.
As a result, the Economic Management Team, the Bank of Ghana, the Ministry of Lands and Natural Resources, the Minerals Commission, and the PMMC met with the Ghana Chamber of Mines on Tuesday.
According to a statement issued by the BoG, under the roadmap, it was agreed that to help shore up the Central Bank’s foreign exchange reserves, beginning next month (September 1, 2022), the BoG would purchase a portion of the output of gold mining companies on a continuous basis at world market prices, but payment would 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.
