Ghana has achieved a significant milestone in its efforts to strengthen the cedi and build reserves, earning over $1.1 billion in foreign exchange from the purchase and sale of more than 11 tonnes of gold. This accomplishment comes just one month after the Goldbod initiative commenced full operations.
Key Highlights
– *Boosting Foreign Exchange Reserves*: The gold sales have contributed to a substantial increase in Ghana’s foreign exchange reserves, supporting the country’s economic stability.
– *Local Participation*: The initiative aims to increase local participation in the gold trade, promoting economic growth and development.
– *MIIF’s New Leadership*: The Minerals Income Investment Fund (MIIF) has a new Board, led by Richard Kwame Asante, tasked with strategically investing Ghana’s mineral wealth and ensuring meaningful benefits for Ghanaian businesses.
Government’s Expectations
The government has urged the new MIIF Board to restore discipline and focus, pursuing significant equity in mining ventures and ensuring Ghanaian businesses benefit from the country’s natural resources. To curb the unaccounted export of precious minerals, the government is also stepping up anti-smuggling operations.
Story By: Kwame Lawerh
