The Communications Director of the governing New Patriotic Party (NPP), Richard Ahiagbah has disclosed that the Bank of Ghana has built $1 billion in reserves in the last six months. 

This, according to him, is commendable as it was achieved in a short time. 

In a tweet on Friday, July 28, the NPP Spokesman thus advised Ghanaians to help government restore the economy. 

“The Bank of Ghana has built $1 billion in reserves in 6 months. It is turning around. Let's work together to quicken the pace of this recovery.”

The Bank of Ghana has built $1 billion in reserves in 6 months. It is turning around. Let's work together to quicken the pace of this recovery...#Ghana #JoyNews #CitiNewsroom #3NewsGH #GMG @asaaseradio995 @metrotvgh @peacefmonline

— Richard Ahiagbah (@RAahiagbah) July 28, 2023

Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has announced that the central bank has seen an increase in its gold reserves this year.

He said by June 30, the BoG had added more than 7.70 tonnes of monetary gold to its gold reserves, of which the mining firms accounted for about 80 percent and the remaining 20% was from the Artisanal Small-scale Mining (ASM) sector via an approved aggregator.

He said the increment was made through the Domestic Gold Purchase Programme, which was introduced in 2021 to increase the central bank’s gold reserves by purchasing domestically produced gold using the local currency.

https://myjoyonline.com/bank-of-ghana-gold-reserve-increases-governor

Dr Addison was speaking at the fourth edition of the Ghana Gold Expo and Mining Week, which was held on the theme: “Sustainable Mineral Resources Development and Well-being of Mining Communities,” in Takoradi.

It was organized by the Western Regional Coordinating Council (WRCC) in collaboration with ViewTag Ghana Gold Expo, a partner of Aurum Monaco and leader of the Global Responsible Jewellery Council and the United Nations Environmental Programme. 

It provided a multi-sectorial platform for stakeholders to share ideas and information on the investment opportunities and challenges in the African gold sector to help implement strategies for accelerated growth in the mining industry.

Dr Addison indicated that the key objective of the programme was to leverage gold holdings to raise cheaper sources of financing to provide short-term foreign exchange liquidity.

It was also meant to increase foreign exchange (FX) reserves, diversify the FX reserves portfolio, and foster confidence in the economy through improved FX reserves and currency stability to attract more foreign direct investment and increase economic growth.