The mining firms might export the remaining gold after the central bank had bought it at market rates, he said.
According to the vice president, Dr. Mahamudu Bawumia, the government has begun enforcing a policy that provides the Bank of Ghana (BoG) the authority to buy any quantity of gold mining in Ghana. The mining businesses might export the remaining gold after the central bank had bought it at prices determined by the global market, he noted.
When we have enough gold, we can eventually back our currency and future borrowing with gold. Dr. Bawumia said that when he introduced two new, highly specialized information technology programs at the Accra Business School in Baatsona on Thursday afternoon, the cedi will become stable over the long term (July 14, 2022).
To expand the gold purchase program the BoG initiated to increase the nation’s reserves, the vice president claimed that the first right of refusal granted to the BoG to purchase gold mined in the nation was supported by law.
He was outlining the factors that brought the nation to the International Monetary Fund (IMF) for negotiations as well as the steps that would be taken to change the economy and make it more shock-resistant.
