Gold exports pick up as Ghana builds forex reserves – BoG
By Ashiadey Dotse Ghana’s foreign exchange position has received a boost after the Ghana Gold Board (GoldBod) resumed significant gold shipments, with the latest exports supporting the accumulation of the country’s international reserves, Bank of Ghana Governor Dr Johnson Pandit Asiama has said. Dr Asiama said substantial quantities of gold were shipped out of the […]
The Bank of Ghana's Governor, Dr Johnson Pandit Asiama, revealed that the country's foreign exchange position has been bolstered by the resumption of significant gold shipments by the Ghana Gold Board (GoldBod). Asiama highlighted that export volumes had been inconsistent in recent months, contrasting it with the previous two quarters.
He made these remarks during a media briefing following the 132nd Monetary Policy Committee meeting. The Governor emphasized that the Bank had received updated information, which altered the outlook on gold exports. He cautioned that developments in the international gold market, particularly the price determined by global factors like major economies' interest rate decisions, could impact Ghana's reserve-building efforts.
Gold prices tend to decrease with higher U.S. interest rates. Asiama stressed that stronger gold prices are crucial for maintaining export flows and enhancing foreign reserves. Ghana's gross international reserves currently cover roughly 4.5 months of imports, surpassing the three-month benchmark. Asiama confirmed that the medium-term reserve target is still attainable, with hopes that Ghana's earnings from gold and other exports, including non-traditional commodities, will aid in achieving the goal.
The Monetary Policy Committee maintained the Monetary Policy Rate at 14 percent for the third consecutive meeting.
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