State-run gold body has boosted Ghana's foreign reserves, central bank chief says
Ghana's central bank has rebuilt its foreign reserves to the equivalent of four and a half months of import cover after they were nearly depleted during a 2022 economic crisis, Governor Johnson Asiama said on Thursday, crediting a new State-run gold trading body with helping plug foreign-exchange leaks.
The GoldBod, set up in March, has brought in about $8-billion by centralizing the purchase and export of gold, ensuring foreign currency earnings return to Ghana, Asiama said at an event during the International Monetary Fund and World Bank annual meetings in Washington.
"It's like a revolving kind of fund that we operate," he said. "And I think so far it's been complementary, helping us to build our reserves."
Asiama said the Bank of Ghana is still receiving bullion directly from large mining firms under existing agreements, further boosting its holdings. The shift marks a turnaround from last year, when gold exports were dominated by private traders and much of the proceeds never entered the domestic banking system.
The governor also said Ghana plans to regulate cryptocurrencies by the end of this year under a new bill drafted with the help of the IMF. The legislation, now under consideration by the country's parliament, will give the central bank authority to license and monitor virtual-asset activities after remittance flows were diverted through stablecoins and informal crypto channels.
Asiama added that legislative reforms would also strengthen the central bank's independence and fix its balance sheet after the domestic debt restructuring, while efforts are under way to re-list more banks and revive Ghana's capital markets.
Article Enquiry
Email Article
Save Article
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
