The Bank of Ghana (BoG) has assured Ghanaians that the country has enough gold reserves The central bank says Ghana has a sufficient quantity of gold bars to exchange for oil This comes after the government took delivery of the first consignment of the gold for oil deal.
According to the Bank of Ghana (BoG), the country has a sufficient quantity of gold bars to trade for oil.
Bank Of Ghana Assures It Is Well-Positioned To Handle Demand For Gold-For-Oil Policy In testimony before the Public Accounts Committee of Parliament, Stephen Opata, Director of Financial Market at the Bank of Ghana, stated that the organization is well-positioned to meet the demand for 160,000 ounces of gold per month under the agreement.
As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per cent of the consumption of the country.”
The gold-for-oil policy is the government’s long-term strategy to reduce pressure on the Ghana cedi and prevent its perennial depreciation.
Source yen.com.gh – Ekow Annan
