Bank of Ghana Keeps Acquiring More Gold to Bolster Reserves
Posted on 09/30/2021
Under its domestic gold purchase program, the Bank of Ghana has so far purchased 280 kilograms of gold. The amount acquired so far is more than half of the 540 kilograms, the central bank was projected to buy this year. In June 2021, the Bank of Ghana launched the gold purchase program to bolster its gold reserves. Ghana hopes that having more gold would enable the country to have cheaper sources of financing to provide short term foreign exchange liquidity. Ghana’s Gross International Reserves stands at US$ 11.4 billion.
