Gold Shipments Resume in Ghana, Bolstering Forex Reserves
The Bank of Ghana has announced that gold shipments from the country have resumed, providing a boost to the nation's foreign exchange reserves. The Ghana Gold Board had experienced reduced shipment regularity in recent months, but data shows that significant exports have been made in the past week.
According to Governor Dr. Johnson Asiama, the renewed shipments are contributing to the build-up of Ghana's international reserves. As of now, the country's gross international reserves stand at approximately 4.5 months of import cover, exceeding the three-month benchmark.
However, Dr. Asiama highlighted a key risk to reserve accumulation sustainability: movements in international gold prices influenced by external factors such as US monetary policy decisions. Favorable gold prices are essential for sustaining shipments and supporting foreign exchange reserves.