Gold for Oil has doubled Ghana’s gold reserves – BoG Governor

theghanareport.comMay 24, 2023 9:50 AM

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison says the country’s gold reserves have doubled following the gold for oil deal.

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Ghana’s gold reserves according to the Governor would have been low if the gold for oil policy was not rolled out.

The program was initiated by the government as a response to the recent depreciation in the value of the cedi against major international trading currencies, and the government’s inability to raise loans on the international markets, leading to a sharp fall in the country’s foreign exchange reserves.

Speaking to journalists in Accra, Dr Ernest Addison said the move has been a success.

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“We are not only buying Gold for Oil. We are also buying Gold for international reserves. This is an area where we have chalked a number of successes. I believe we have almost doubled our holdings of gold in the short period that we started – from eight tonnes to almost 15 tonnes. So, the gold of oil has been a successful program”, the central Bank governor added.

Additionally, the country’s gross international reserves have increased to US$5.7 billion after sealing the US$ 3 billion deal with the International Monetary Fund.

Gross International Reserves at the end of March 2023 stood at US$5.1 billion, equivalent to 2.4 months of import cover, compared with the end-December 2022 stock position of US$6.2 billion, equivalent to 2.7 months of import cover.

Gross International Reserves, excluding oil funds, encumbered and pledged assets, stood at US$1.4 billion.

Net International Reserves as of March 2023 stood at US$2.1 billion.