Bank of Ghana launches domestic gold purchasing programme to boost reserves

In its quest to shore up its reserves, the Bank of Ghana will in the coming days start purchasing gold from the local markets.

This is according to the Governor of the Bank of Ghana, Dr. Ernest Addison.

Speaking at an event to launch the Bank of Ghana’s Domestic Gold Purchase Programme, Dr. Addison explained that the initiative will among other things enable the Bank double its gold holdings in the next five years.

“The domestic gold purchase programme will pave the way for BoG to grow its foreign exchange reserves to foster confidence, enhances currency stability, creates a more attractive environment for foreign direct investments and economic growth,” he said.

He also explained that the initiative will serve as an efficient way of growing the foreign exchange reserves of the country to supplement the traditional ways that Ghana has built reserves over the years.

Source: Ghana Business