Gold Shipments Resume as GoldBod Supports Reserves – BoG
The Bank of Ghana says recent gold shipments by the Ghana Gold Board have resumed and are supporting the country’s international reserve accumulation.
Governor Dr Johnson Asiamah said GoldBod’s gold shipments had become less regular in recent quarters but stressed that the development did not amount to a complete suspension of exports.
He said fresh data available to the MPC showed that GoldBod had exported a significant amount of gold in the week preceding the briefing.
“The story has changed between yesterday morning and right now, this morning, based on the new data that just came in,” he said.
The governor explained that the key risk to reserve accumulation was not necessarily the physical shipment of gold but fluctuations in international gold prices.
According to him, higher US interest rates could put downward pressure on gold prices, creating an external risk that Ghana could not directly control.
Asked why GoldBod’s shipments had slowed earlier in the year, Dr Asiamah said several factors could have contributed, including global gold prices, the exchange rate and business considerations.
He urged journalists seeking detailed information about GoldBod’s shipment decisions to engage the institution directly.
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