Ghana's Central Bank and Gold Board Team Up to Boost Gold Reserves

Ghana's Bank of Ghana and Gold Board Collaborate to Boost Forex and Gold Reserves Accra, Ghana – The Bank of Ghana (BOG) and the Gold Board are joining forces to significantly increase Ghana's forex and gold reserves. This collaborative effort aims to formalize the small-scale gold sector, a move expected to generate substantial economic benefits for the country. Dr. Zakari Mumuni, First Deputy Governor of the BOG, recently spoke about the initiative, stating, "The gold purchase program has been critical, and going forward, it will remain so." He emphasized the BOG's active role in shaping discussions and arrangements with the Gold Board. The collaboration involves direct engagement with small-scale gold producers, aiming to bring more structure and transparency to the sector. This direct approach is expected to increase the amount of gold entering official channels, ultimately boosting national reserves. Addressing concerns about the BOG's reduced direct role in gold purchases, Dr. Mumuni explained that the shift towards collaboration with the Gold Board will enhance the current program by improving pricing, reducing smuggling, and increasing overall receipts. He stated, "At the end of it all, it is expected that this should even be improving our...forex reserves." This collaborative strategy is seen as a positive step towards strengthening Ghana's economic stability and sustainability.