Ghana’s central bank has successfully rebuilt its foreign exchange reserves after a severe 2022 crisis, according to Governor Johnson Asiama. He credits a new state-run gold trading body, known as the GoldBod, for this significant turnaround. Established in March, this initiative centralizes the purchase and export of gold, ensuring that an estimated $8 billion in foreign earnings now flows back into the country. This system acts as a revolving fund that has been crucial in boosting reserves to a healthy level, covering over four months of imports. Alongside this gold success, the governor announced that Ghana is also moving to regulate cryptocurrencies by year’s end. A new bill, developed with IMF input, will grant the central bank authority to license and monitor virtual asset activities, aiming to bring more financial flows into the formal sector.
Reuters
