First Deputy Governor of the Financial institution of Ghana, Dr Zakari Mumuni, says the Central Financial institution’s Gold Buy Programme has been instrumental in stabilising the cedi and easing inflation in current months.
He famous that the programme has additionally “improved the nation’s credit score profile from restrictive default to B- with a steady outlook in June 2025, boosting investor confidence.”
Dr. Zakari disclosed this on the CNVERGE’25 Africa Premier Commerce Banking Programme in London, including that these developments “have contributed to a steady macroeconomic atmosphere, which is of essential curiosity to your work.”
BoG’s Gold Buy Programme
Launched in June 2021, the Gold Buy Programme goals to extend the Central Financial institution’s gold reserves and diversify its belongings. It permits the Financial institution of Ghana to purchase gold from native mining companies and pay them in Ghana cedis.
The initiative is a part of efforts to cut back the Financial institution’s reliance on the US greenback, which is extra weak to world market shocks, in comparison with gold. It additionally addresses considerations about Ghana’s beforehand low gold reserves.
As of July, the Financial institution of Ghana’s gold reserves had reached 34.40 tonnes.
Gold for Oil Programme
Dr. Zakari additionally highlighted how the success of the Gold Buy Programme paved the best way for the Gold for Oil initiative, which “offers FX and gold to assist the importation of petroleum merchandise by government-to-government preparations.”
He praised the programme for “securing petroleum imports at aggressive costs, easing strain on the foreign exchange market, and stabilising ex-pump petroleum costs.”
In accordance with him, this has helped reasonable “unstable ex-pump worth pass-through results on transport prices, and in flip, inflation.”
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
Source link
