We need to restructure Ghana's gold transactions - Dr Atuahene
Dr. Richmond Atuahene called for urgent restructuring of Ghana's gold transactions on Friday, May 1, on Joy FM's Super Morning Show. Dr. Atuahene said, "We need to sit down as a country and restructure gold transactions because they are very important for currency stability and the building of reserves."
Dr. Atuahene stated that gold transaction issues have persisted since 2021. He explained that price discrepancies during gold purchases expose the system to avoidable losses. He said that purchasing gold at, "say, $11.21 today and send it to the Bank of Ghana the next day, you could incur a loss of about one or two cedis per unit." He acknowledged that gold has played a critical role in strengthening Ghana's external reserves, moving the country from where it was in 2022 to about $14.7 billion in reserves currently.
Dr. Atuahene's comments come amid ongoing discussions about the central bank's financial performance and the broader role of gold in stabilising Ghana's economy.
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Dr. Richmond Atuahene, a banking consultant, is advocating for a restructuring of Ghana's gold transactions. He warns that the current system poses ongoing challenges for the nation's financial stability- but what changes are needed?
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