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Bank of Ghana launches local gold purchase programme

In its bid to shore up the foreign exchange reserves, the Bank of Ghana (BoG) has launched a domestic gold purchase programme that will enable it to buy gold from local aggregators and mining firms and pay in local currency at the prevailing market price.

Speaking at the launching of the programme in Accra, the Governor of BoG, Dr. Ernest Addison, said that the programme would enable the central bank to double its gold holdings in the next five years from 8.7 tonnes to 17.4 tonnes.

He added that the BoG will through the programme grow its foreign exchange reserves to foster confidence, enhance currency stability, create more attractive environment for foreign direct investments and economic growth of the country.

According to him, the programme will also enable the central bank to leverage its gold holdings to raise cheaper sources of financing to provide short term foreign exchange liquidity.

Local media reports on Friday quoted Dr. Addison as saying that the apex bank had engaged domestic mining firms in collaboration with the Ghana Chamber of Mines to buy refined gold from their refineries.

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