Bank of Ghana buys 26,000 ounces of gold from Newmont Africa - Report

According to the news portal, the procurement of the 26,000 ounces of gold from Newmont Africa forms part of government's domestic gold purchasing programme.

The programme aims at shoring up the country's foreign reserves.

Director of Communications at Newmont Africa, David Johnson, while breaking down the purchase said the central bank acquired 3,500 ounces of gold in May this year while the remaining 22,500 ounces were purchased between October and November 2022.

It would be recalled that in June 2021, the central bank launched Ghana's domestic gold purchasing programme.

The domestic gold purchase programme, according to the Bank of Ghana’s Governor, Dr. Ernest Addison, will pave the way for the central bank to grow its foreign exchange reserves.

This will foster confidence, enhance currency stability, and create a more attractive environment for foreign direct investments and economic growth.

It will further enable the bank to leverage its gold holdings to raise cheaper sources of financing to provide short-term foreign exchange liquidity.

ESA/WA