Gold Archives - Page 2 of 2

18 Jan

Gold Has Picked; We Can Buy Enough To Sustain ‘Gold-For-Crude’ Programme – BoG

wontumionlineBusinessBoG, Gold, GOLD FOR CRUDE

The Director of Financial Market at the Bank of Ghana (BoG) Stephen Opata has assured that the central bank can buy enough gold to ensure the Gold-for-Crude programme is sustained. He said this on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). “As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. “I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per…

30 Nov

Gold-For-Crude: Gold Usually Serves As Safe Haven For Extreme Oil Prices – Energy Economist

wontumionlineBusinessGold, GOLD FOR CRUDE

Energy Economist, Dr Gideon Ofosu-Peasah has indicated that gold is normally used in making up for increasing crude oil prices hence, the move by the government of Ghana to buy crude oil with gold. Speaking on the Ghana Tonight Show on TV3, Dr Ofosu-Peasah explained that when crude oil prices increase, because refined products are from crude oil, it feeds into the production of gold. That also serves as price build up to the prices of gold, he told host Alfred Ocansey. He stressed “when crude oil prices increase, what happens is that refined products are from crude oil, then…

28 Nov

‘Gold For Crude Oil’ Move Still Being Discussed, PMMC To Play Vital Role In implementation – BoG Governor

wontumionlineSportsCRUDE OIL, Gold

The Precious Minerals Marketing Company (PMMC) will play a key role in the move to buy crude oil with gold, Governor of the Bank of Ghana (BoG) Dr Ernest Addison, has said. The PMMC, he said, will be buying a lot of the gold from licensed gold exporters who he indicated, have significant amount of gold. “The PMMC will be providing most of the gold to be used for crude oil swap,” he said during the Monetary Policy Committee (MPC) press conference in Accra on Monday, November 28. Meanwhile, Vice President Dr Mahamudu Bawumia has stated that some analysts and commentators have misinterpreted Ghana’s stated policy…

07 Oct

Ghana’s Gross Reserves Fall To 2.9 Months Of Import Cover In September 2022

wontumionlineBusinessBoG, Exports, Gold, gross international reserves, imports

Ghana’s Gross International Reserves fell to $6.6 billion, equivalent to 2.9 months of import cover for goods and services in September 2022, data from the Bank of Ghana has revealed. This is compared with the December 2021 position of $9.7 billion, equivalent to 4.3 months of import cover. However, net International Reserves, which exclude encumbered assets and petroleum funds, is estimated at US$2.7 billion as at September 2022. Trade surplus hits $1.7bn Meanwhile, Ghana recorded a trade surplus of $1.7 billion dollars in the eight months of this year. This far exceeds the surplus of $892.4 million dollars recorded in…