By Rukiyatu Musah
The Bank of Ghana, BoG, says three gold Mining Firms have come on board its domestic Gold purchase programme to shore up the country’s reserve.
According to the Bank, it has now resorted to diversification of its assets through the purchase of local gold from a Gold Aggregator known as Asanska Gold.
Hitherto, the Central Bank depended on royalties, corporate income taxes and repatriation of proceeds to build the country’s reserve.
Speaking on GBC’s ‘Market Avenue’, Director of Financial Market at BOG, Steve Opata said other Gold mining firms have expressed interest in the programme to help stabilize the Cedi.
Mr. Opata said the Bank is also engaging Oil Companies to buy their dollars after repatriation of their proceeds and resell to the banks all in an effort to stabilize the local currency.