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Updated: 21:12 03/08/21

Bank of Ghana resumes gold buying

By Liam Sheasby, News Editor

21 Jun 2021

An exploratory gold survey in Ghana

The central bank of Ghana has announced it will purchase 8.7 tonnes of gold produced domestically over the next five years – doubling the nation's total gold reserves.

The move, according to Governor Dr Ernest Addison, is to bolster Ghana's currency reserves overall, and the first purchase is reported to be 540 kilogrammes within the next 12 months, with purchases paid for with Ghanaian cedi rather than US dollars.

Ghana has pursued a program of increasing foreign currency reserves for approximately 15 years now, but during that time the amount of gold held by what is Africa's top producing nation has not increased.

Speaking to reporters, Addison said: “This day is indeed historic because it marks the first time the Bank of Ghana is embarking on domestic gold purchasing to augment our foreign reserves with a view to doubling our gold holdings”.

Gold will be sourced from mining firms as part of Ghana's Chamber of Mines, to ensure high quality refined metal. One firm has already been approved as a vendor, and more are currently applying for approved status.

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