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Bank of Ghana’s domestic gold purchasing programme a game changer, says Akufo-Addo

President Akufo-Addo says the recently introduced domestic gold purchasing initiative of the Bank of Ghana is a game changer

President Akufo-Addo says the recently introduced domestic gold purchasing initiative of the Bank of Ghana is a game changer that will help transform the country’s domestic gold production value chain.

Commending the Bank of Ghana (BoG) for introducing the new programme, the President noted that he has “for decades been baffled by the fact that our nation which has been for generations, one of the leading producers of Gold in the world, has never instituted a domestic gold purchasing programme to develop the domestic gold production value chain, hence the transformational nature of the recent gold purchasing programme introduced by the bank”.

The President made the observation while addressing the newly constituted thirteen (13) member board of the central bank at the Jubilee House, on 20th August 2021 after he swore the board into office.

“It has opened up the entire value chain with the imminent completion of a Ghanaian gold refinery. This development will allow us to add value to our gold and establish transparency in the small scale gold mining industry in Ghana” the President said concerning the BoG domestic gold programme.

Members of the Bank of Ghana board taking their oath during the inauguration ceremony at the Jubilee House

Interests’ Rates

In his address, President Akufo-Addo charged the BoG board to as a matter of urgency, look into why the country continues to have high interests’ rates and how the problem ought to be addressed to enhance the competitiveness of the private sector

“It is surely not right that the Central Bank’s monetary policy rate stands at 13.5% while the commercial banks lend to the private sector at rates of 21% and above. This is a gap we have to bridge if we are to realize the vision of a Ghana who economy is globally competitive” President Akufo-Addo said.

Chairperson of the Board

In his response, the Central Bank Governor and Chairperson of the board, Dr. Ernest Kwamina Yedu Addison, indicated that the task ahead of members of the BoG board comes with enormous responsibility. He pledged on behalf of the board that they will pursue prudent policies to consolidate the gains that the bank has made in the last four years.

“Given the rich and diverse background of the board, there is no doubt in my mind that together we can build on the solid foundation that has been laid by our predecessors and take this institution to even greater heights” Governor Ernest Addison said.

Members of the Board

The thirteen-member board of the Bank of Ghana is chaired by Dr. Ernest Kwamina Yedu Addison, Governor of the Bank of Ghana. The other members are Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, Miss Elsie Add Awadzi, Second Deputy Governor, Charles Kofi Adu Boahen, Minister of State, Finance Ministry.

The other members are Professor Eric Osei Asibey, Dr Kwame Owusu- Nyantekyi, Dr Samuel Nii-Noi Ashong, Mr Jude Kofi Bucknor, Mr Joseph Blignam Alhassan, Mr Andrew Adinorte Boye-Doe, Madam Angela Kyerematen-Jimoh, Mrs Comfort Ocran and Madam Regina Ohene- Darko Adutwum.

Wilberforce Asare

Asaase Radio 99.5 – tune in or log on to broadcasts online
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