• About
  • Advertise
  • Privacy Policy
  • Contact
Thursday, September 28, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Bank of Ghana Unveils Plans To Exit From Gold-for-Oil Programme To Stabilize Economy

May 26, 2023
Gifty BansahbyGifty Bansah
in Extractives/Energy, Finance
0
Monetisation Of Fiscal Deficit Lessening Monetary Policy – Prof. Bokpin

Dr. Ernest Addison, BoG Governor

The Central Bank of Ghana (BoG) has announced its plans to withdraw progressively from the government’s Gold-for-Oil scheme.

This tactical decision, part of the International Monetary Fund (IMF) bailout program, aims to address the country’s decreasing foreign currency reserves and rising demand for dollars by oil importers, both of which have contributed to the cedi’s depreciation and rising living costs.

Recognizing the gravity of the situation, the BoG communicated its intention to lift the recently enacted surrender restriction on gold shipments to the central bank.

RelatedPosts

AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project

GAB Advises Banks to Avoid Financing Climate-Related Risk Projects

Absa Bank Outlines Blueprint for Surviving In Turbulent Times

The surrender requirement was introduced as a temporary measure to tackle the challenging economic landscape and ensure adequate foreign exchange reserves.

However, with the economy showing signs of stabilization, the BoG is confident in its ability to gradually roll back this directive.

The BoG revealed its plans to conduct a thorough examination and convey its findings to the renowned IMF Board in order to ensure a comprehensive grasp of the risks involved with the Gold-for-Oil program.

The Central Bank of Ghana further pledged to prioritize transparency in all aspects of the Gold-for-Oil programme.

Gold vs Oil 1
Gold for Oil policy

According to BoG, this commitment includes guaranteeing clear visibility into contractual volumes and pricing structures for commodities’ export and import, as well as intermediaries’ margins.

In its pursuit of accountability, the BoG has designated the Auditor General to conduct regular performance audits of the Gold-for-Oil programme.

“This measure will provide independent oversight and ensure compliance with the highest standards of financial integrity. Moreover, the BoG’s gold purchases will adhere to international best practices and central bank safeguards standards in alignment with the guidelines set forth by the IMF.”

Bank of Ghana

BoG Clarifies Gold For Oil Programmes

According to the Central Bank, the gold surrender directive, which required large-scale mining companies to sell 20% of their refined gold stock to the BoG starting from January 1, 2023, should not be confused with the agreement reached between the gold-producing member companies of the Ghana Chamber of Mines and the BoG.

BoG also disclosed that it gold holdings have witnessed a significant increase since the initiation of the Domestic Gold Purchase Programme, rising from 8.7 tonnes to almost 15 tonnes.

This expansion of gold reserves, as stated by BoG represents a crucial step towards bolstering Ghana’s foreign exchange reserves, enhancing currency stability, attracting foreign direct investments, and fostering economic growth.

Notably, Newmont, one of Ghana’s leading gold mining companies, became the first participant in the Domestic Gold Purchasing Programme to sell gold to the Bank of Ghana.

Between May and November 2022, Newmont successfully procured 26,000 ounces of gold, marking a pivotal milestone in the programme’s implementation.

Following suit, Gold Fields Ghana also entered into a gold purchasing agreement with the BoG, selling 26,000 ounces of gold in December 2022.

Read also: IMF Resident Representative Assures Ghana Of Full Support To Promote Governance, Transparency

Tags: Bank of GhanaGhana Chamber of MinesGold-for-Oil PolicyInternational Monetary Fund (IMF)Newmont

Related Posts

AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project
Extractives/Energy

AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project

September 28, 2023
GAB Advises Banks to Avoid Financing Climate-Related Risk Projects
Banking

GAB Advises Banks to Avoid Financing Climate-Related Risk Projects

September 28, 2023
According to Absa Group financial report, the bank’s headline earnings for 2021 has more than doubled to R18.6 billion
Banking

Absa Bank Outlines Blueprint for Surviving In Turbulent Times

September 27, 2023
UNDP Partners Absa Bank to Launch MSMEs Challenge to Empower Businesses
Banking

UNDP Partners Absa Bank to Launch MSMEs Challenge to Empower Businesses

September 27, 2023
Gold Fields Plans to Make Decision on Ghana Mine by Early 2024
Extractives/Energy

Gold Fields Plans to Make Decision on Ghana Mine by Early 2024

September 23, 2023
Banking Consultant Proposes Establishment of Financial Watchdog Superteam to Restore Trust in Ghana’s Financial Sector
Banking

Banking Consultant Proposes Establishment of Financial Watchdog Superteam to Restore Trust in Ghana’s Financial Sector

September 22, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

CSOs Coalition Express Grave Concerns Over Aker Energy’s ‘Face-Saving’ Sale of Pecan Field for $1

Next Post

Examining Torkornoo For Chief Justice Will Concentrate On Her Decisions As A SC Justice- Ato Forson

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Justice For Ghana Commences A Sit-In Demonstration At EC Premises
General News

EC Registers Over 600000 New Voters

by Evans Junior OwuSeptember 28, 2023
House Republicans Hold First Hearing On Biden Impeachment Inquiry
USA

House Republicans Hold First Hearing On Biden Impeachment Inquiry

by Comfort AmpomaaSeptember 28, 2023
AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project
Extractives/Energy

AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project

by Stephen M.CSeptember 28, 2023
Pius Enam Hadzide Calls On His Supporters In Asougyaman To Remain Calm
General News

Pius Enam Hadzide Calls On His Supporters In Asougyaman To Remain Calm

by Evans Junior OwuSeptember 28, 2023
Only A Matter Of Time Before Ukraine Becomes A De Jure Member Of NATO- Zelenskyy
Europe

Only A Matter Of Time Before Ukraine Becomes A De Jure Member Of NATO- Zelenskyy

by Comfort AmpomaaSeptember 28, 2023
Blakk Rasta Fumes Over Alan’s Exit
Entertainment

Blakk Rasta Fumes Over Alan’s Exit

by Esther Korantemaa OffeiSeptember 28, 2023
Justice For Ghana Commences A Sit-In Demonstration At EC Premises
House Republicans Hold First Hearing On Biden Impeachment Inquiry
AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project
Pius Enam Hadzide Calls On His Supporters In Asougyaman To Remain Calm
Only A Matter Of Time Before Ukraine Becomes A De Jure Member Of NATO- Zelenskyy
Blakk Rasta Fumes Over Alan’s Exit
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In