April 22, 2024

Ghana’s Gold Reserve Up By 7.70 Tonnes

Nation’s Gold Reserve Now at 16.47 tonnes

The Bank of Ghana (BoG) has added 7.70 tonnes of gold to the country’s reserves as of the end of last month, the Governor of the Bank of Ghana, Dr Ernest Addison, has stated.

The measure, which is part of the central bank’s Domestic Gold Purchase Programme (DGPP), is aimed at increasing gold as the asset cover in the country’s reserves to provide additional buffers to help the economy withstand future economic shocks.

Speaking on the impact and benefits of the DGPP at the 2023 Gold Expo in Takoradi last Saturday, Dr Addison said at the launch of the DGPP in June 2021, the objective was to double the central bank’s gold reserves which stood at 8.77 tonnes in five years.

Using the spot price of gold to be $63,000 per kg as of yesterday, the Daily Graphic estimates that the 7.70 tonnes of gold could be valued at more than $485 million.

This brings the total gold in the country’s reserves to 16.47 tonnes.

On the sources of the gold in the reserve, the Governor said mining firms contributed about 80 per cent and the remaining 20 per cent was from the artisanal and small-scale mining (ASM) sector via an approved aggregator.

SOURCE: Daily Graphic

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