BOG Governor acknowledges impact of Bawumia's gold purchasing initiative

The Governor of the Bank of Ghana, Dr Johnson Asiamah, has acknowledged the interaction of Ghana's improved golden reserve initiated by the erstwhile government,

According to him, this reserve is helping to stabilise the cedi against overseas currencies.

In an interrogation with Joy News, the caller Governor said the Central Bank present has capable golden reserve.

"Going forward, we person capable reserves to support the existent stableness the cedi is enjoying against the US dollar,” helium said.

Dr. Asiamah's revelation that the Bank of Ghana has capable golden reserves vindicates Dr Mahamudu Bawumia's beardown proposition for the Bank of Ghana to commence a golden purchasing inaugural to boost Ghana's golden reserve.

The erstwhile Vice President of Ghana, Dr Bawumia argued that an improved golden reserve by the Central Bank is cardinal to stabilising the country's currency and, successful 2022, pursuing the depreciation of the cedis, helium launched the Bank of Ghana's golden purchasing inaugural which has boosted Ghana's golden reserve aft 3 years.

Ghana's golden reserves, astatine the clip that Dr Bawumia introduced the Central Bank's golden purchasing programme, was a paltry 8 tonnes but had importantly accrued by much than threefold to 30.5 tonnes erstwhile the erstwhile authorities handed implicit successful January 2025.

This important emergence successful Ghana's golden reserves done the golden purchasing statement which the existent authorities has sustained done the  Ghana Gold Board (GoldBod), coupled with planetary interaction of the United States' commercialized warfare which has weakened the US Dollar, person been cited by experts arsenic factors contributing to the caller spot of the cedi.

The Bank of Ghana's golden purchasing programme besides helped the state to successfully instrumentality the "Gold for Oil" programme aimed astatine stabilising some the cedi and substance prices.

AME