Bank of Ghana to begin purchasing gold locally, here is why

The Bank of Ghana (BoG) has revealed that it will soon start buying gold from small scale mining firms.

The gold purchase forms part of the BoG’s plan to shore up its reserve which is held in gold.

The Governor of the BoG, Dr Ernest Addison said the bank will purchase via selected local gold buying agencies.

He was speaking at the MPC briefing in Accra.

He explained that they took the decision to buy gold because Ghana is one of the lead producers of gold in the world. The BoG is, therefore, seeking to take advantage by shoring up its reserves using gold produced locally.

“We decided that as a central bank in a country that produces gold, maybe we needed to strengthen our holdings of gold. So, that policy decision was taken and the bank has put in place the modalities and working with some of the local buying agencies on acquiring that gold. Currently, we are finalizing arrangements for the refining of that gold. We have not done the first purchase yet,” the Governor said.

He added that they should have started buying from last year, but the Bank decided to hold on temporarily.

He further revealed that the Bank is now optimistic that the gold purchasing programme will start by the middle of this year.

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