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Ghana’s gold reserves increase from eight to 14 tonnes, says Akufo-Addo

The gold for oil policy is expected to change Ghana’s balance of payments position fundamentally and significantly reduce the persistent depreciation of the cedi

Ghana’s gold reserves have increased from eight to 14 tonnes months after the implementation of the gold for oil policy, President Akufo-Addo has said.

The gold for oil policy is expected to change Ghana’s balance of payments position fundamentally and significantly reduce the persistent depreciation of the cedi.

Speaking at the official opening of the Graphic Natural Resources Stakeholders Dialogue in Accra on Thursday (11 May), Akufo-Addo said the policy is strategic.

“For well over the century that we have been mining gold, our gold reserves between the 1980s and June 2021, were just eight tonnes.”

“Under the domestic gold purchase programme, our gold reserves have increased from eight to 14 tonnes as of the end of 2022, that is just under eighteen months of the implementation of this programme,” Akufo-Addo said.

“Protect the environment”

The two-day forum which is being organised by Graphic Communication Group Ltd in collaboration with The Ministry of Lands and Natural Resources is on the theme, “Harnessing Our Natural Resources Responsibly for our Sustainable Collective Good.”

On his part, the managing director of the Graphic Communication Group Ltd Ato Afful called for a collaborative effort in protecting the environment.

“Sustainability is the key to effective use of our natural resources. To ensure that we satisfy current demands without jeopardising the interests and wellness of future generations, we must embrace sustainable practices in resource use and management,” he said.

Afful added, “Let us commit to taking action, learning from what has been done over time, and making a difference for our environment, our communities, and our future. By caring and working together, we can create a sustainable future for all Ghanaians; living and unborn.”

Listen to President Akufo-Addo in the attached audio clip below:

Watch President Akufo-Addo’s full address in the attached video clip below:

Reporting by Fred Dzakpata in Accra

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