Ghana starts gold purchase programme to strengthen currency

Reuters/Cooper Inveen/5-17/2022

photo of two gold miners' bars

“Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation.”

USAGOLD note: Ghana joins Russia and China as a top-ten global gold producer now channeling the bulk of its production into national reserves. it is the world’s sixth-largest gold producer. China is number one and Russia is number three.

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