Home / BUSINESS NEWS / BoG buys first gold in 60 years

BoG buys first gold in 60 years

For the first time in about 60 years, the Bank of Ghana (BoG) has purchased gold to augment its gold reserves and shore up the country’s foreign assets.

The bank bought 280 kilogrammes of the precious metal this year under a historic gold purchase programme meant to double its gold reserves and supplement the traditional ways that the country has built reserves over the years.

It has since set aside GH¢200 million to be used to purchase 540kg of gold produced domestically this year.

Although gold purchase is a critical component of central banking across the world, the

BoG only returned to the business this year after exiting it around 1961.

It now aims to buy more than 17,500kg — about 17.54 tonnes — of the precious metal in the next five years.

Source: Graphic

About admin

Check Also

Ghana is fully committed to the strategic plans of the ATU’s programmes” –  Communications Minister Affirms

  The Minister for Communications and Digitalisation (MoCD), Mrs. Ursula Owusu-Ekuful, has affirmed Ghana’s full …

USCPB Ready To Rescue Ghana, No Need For IMF or 1bn syndicated loan

HRM Joseph David Jeremiah, 1st trustee and Chairman of US Capital Private Bank has vowed …

AirtelTigo Customers on a winning bonanza in the “To Gu Me So” Reloaded Promo

    Telecom operator, AirtelTigo, has presented cash prizes to the weekly winners in the …

Leave a Reply

Your email address will not be published. Required fields are marked *

WP Twitter Auto Publish Powered By : XYZScripts.com