Loading ...Ghana starts gold purchase programme to strengthen currency
ACCRA, May 17 (Reuters) – Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation.
“We have started a bulk purchase program, domestic, where we buy gold locally and try to raise the gold component in our level of reserves. This is where the currency focus is,” Addison said at a conference.
Ghana’s Vice President says he plans to adopt a new exchange rate regime linking the country’s currency to gold.
We will know after the election in December.
This would be the second country to do this.
We are watching dominos…