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BoG Purchases Gold for the First Time in 60 Years: Set aside GH200 million to make more purchases

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The Bank of Ghana (BoG) has purchased gold for the first time in about 60 years to supplement its gold reserves and strengthen the country’s foreign assets.

This year, the bank purchased 280 kilograms of gold as part of a historic gold purchase program aimed at doubling the country’s gold reserves and supplementing traditional gold-mining methods.

It has since put aside GH200 million to purchase 540 kg of gold mined in Ghana this year.

Despite the fact that gold purchases are an important part of central banking around the world, the BoG only returned to the industry this year after leaving it in 1961.

It now plans to purchase more than 17,500kg (17.54 tonnes) of gold during the next five years.

Dr Steve Opata, Director of the Bank of Ghana’s Financial Markets Department, told the Daily Graphic in Accra last Monday that the effort had been a success and that the bank was on course to meet its targets for the year and the next five years.

Source: Daily Guide

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