Domestic gold purchase programme, other donor disbursements put BoG in a favourable position to support external payments obligations – Addison
Published:
3 months ago
Source:
3News
The establishment of Royal Gold Ghana Limited (RGGL) a local gold refinery in Ghana, will no doubt provide impetus to the Bank of Ghana's (BoG') successful Domestic Gold Purchase Programme (DGPP), Governor Dr Ernest Addison has said. Under the DGPP, he said, the Bank of Ghana has been able to accumulate sizable foreign exchange buffers, for the most part, significantly exceeding expectations under the IMF programme. Since inception of the Domestic gold purchase programme, he said, the Bank of Ghana has bought 65.4 tons of gold, valued at US$5.07 billion.
"This year, since January, the Bank has bought 23 tons of gold valued at about US$1.8 billion. The programme, along with other donor disbursements, puts the Bank in a favourable position to support the country's external payments obligations as and when they fall due," Dr Addison said said during the opening of Royal Gold Ghana Limited (RGGL) on Thursday, August 8. Dr Ernest Addison has said that gold is currently the leading export commodity with projected export earnings for 2024 estimated at close to US$10 billion.