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Bank of Ghana to double gold reserve by end of 2023, says Governor

Ernest Addison says mining firms accounted for about 80% and the remaining 20% from the artisanal small-scale mining sector through an approved aggregator

The Bank of Ghana (BoG) has added over 7.70 tonnes of monetary gold to the existing 8.7 tonnes of gold reserves as of June 30, the central bank Governor, Ernest Addison, has said.

Addison said this has been made possible through the domestic gold purchase programme.

According to him, mining firms accounted for about 80% and the remaining 20% from the artisanal small-scale mining sector through an approved aggregator.

Speaking at the 4th edition of the just ended Ghana Mining Expo on Friday (14 July), Addison said the bank is poised to double its reserves by the end of this year.

Dr Ernest Addison, Governor of the Bank of Ghana (BoG)
Dr Ernest Addison, Governor of the Bank of Ghana (BoG)

“I am happy to announce that since the inception of the programme, the Bank of Ghana has added over 7.70 tonnes of monetary gold to the existing 8.7 tonnes of gold reserves as of 30 June this year,” Addison said. “And we are more on course to double the reserve by the end of this year.”

Listen to Dr Ernest Addison in the attached audio clip below:

Forum

The three-day event showcased Ghana’s vibrant mining industry and highlights its immense potential for economic growth and sustainable development.

This year’s conference is on the theme: “Sustainable Mineral Resources Development and Wellbeing of Mining Communities”.

It was organised by the Ghana Gold Expo Foundation in collaboration with the Ministry of Lands and Natural Resources and the Western Regional Coordinating Council.

 

Reporting by Fred Dzakpata in Takoradi

 

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