Ghana has embarked on a mass buying program to buy gold locally to increase its share of gold reserves, Central Bank Governor Ernest Addison said on Tuesday, in an effort to strengthen cedi currency without inflation.”We have embarked on a bulk purchase program, where we buy gold locally and try to raise the gold standard at our warehouse level. That is the focus of money,” Addison said at the conference.
GHANA
The country that produces gold, oil and proceeds has seen consumer inflation rise to an 18-year record of almost 24% in April despite efforts to curb inflation and promote sustainability.Ghana cedi saw a sharp decline in the value of any dollar other than the Russian ruble between January and March. Its price has stabilized much since then, though it experienced another decline last week.
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