Nigeria and Kenya have emulated Ghana and have now joined the growing trend of African central banks moving to buy gold to boost their reserves and curb the free fall of their local currencies.
Former Vice President Dr Mahamudu Bawumia proposed the policy for Ghana, and three years ago, the government announced that the Bank of Ghana would begin purchasing gold to build the nation’s reserves in a move to curb over-reliance on foreign exchange and help stabilise the cedi.
- Advertisement -