BoG exercising first right to purchase Ghana gold to stabilize cedi – Bawumia breaks IMF silence

The government has started implementing a policy that gives the Bank of Ghana (BoG) the right to purchase any amount of gold mining in Ghana, the Vice-President, Dr. Mahamudu Bawumia, has disclosed.

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After the central bank had purchased the gold at world market prices, the mining companies could export the remainder, he added.

“Ultimately, once we accumulate enough gold, future borrowing and our currency can be backed by gold. This will stabilize the cedi long term,” Dr. Bawumia stated when he launched two new high-level information technology programs at the Accra Business School at Baatsona, Thursday afternoon (July 14, 2022).

The Vice-President said the first right of refusal given the BoG to purchase gold mined in the country was backed by law to deepen the gold purchase program the BoG started to build up the country’s reserves.

He was explaining the reasons that forced the country into talks with the International Monetary Fund (IMF) and measures outlined to transform the economy to make it resilient to withstand shocks.

Below is a LIVE video from the launch

Attached below is a copy of the Vice President’s speech

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