Ghana has recorded a fresh development in its foreign-exchange position following the resumption of significant gold shipments, according to the Bank of Ghana.
BoG Governor Dr Johnson Asiama disclosed that fresh data showed the Ghana Gold Board had exported a substantial quantity of gold during the previous week, with the shipments contributing to the buildup of the country’s international reserves.
The Governor explained that gold exports had not completely stopped, although shipments had become less regular in recent months. He said the latest figures have changed the picture and are now providing additional support for Ghana’s reserve accumulation.
Ghana currently has an estimated 4.5 months of import cover, which is above the three-month benchmark. The Bank of Ghana says it remains focused on strengthening the country’s external buffers through gold and other export earnings.
However, Dr Asiama identified international gold prices as an important risk, noting that global monetary policy decisions can influence gold prices and, in turn, affect the value and pace of Ghana’s gold shipments.
Source: GhanaNsem
