Ghana to anchor currency with gold

[pmbug]

...
Dr Bawumia said his administration would develop a policy framework to anchor the country’s local currency with gold to fortify it against the foreign forex.
...

Over $5b worth of gold reserve realised under domestic gold purchase programme – Bank of Ghana - Ghana Business News

The Bank of Ghana (BoG) has announced that over $5 billion worth of gold reserve has been accumulated so far under the Government's Domestic Gold Purchase Programme since the inception of the programme in 2021.

www.ghanabusinessnews.com

They have been buying gold. Now they are part owner of a gold refinery and forcing small gold miners to sell their mining proceeds to the refinery (seems similar to what Zimbabwe is doing).

 

[Goldhedge]

Ruh roe... time for the Feds to bring some 'democracy' to Ghana!

 

[nickndfl]

China is the world's largest gold producer and banned exports. Why do central banks want a bunch of yellow iron?

 

[Fatrat]

Sounds good to me, but keep your gold in your own country....

 

[Peter89]

Sounds good to me, but keep your gold in your own country....

... and use it in order to harden your currency, so that all your people can profit from it.

 

[Goldhedge]

 

[nickndfl]

Countries do not need to mint coinage out of PMs, but they can hold large amounts of gold to back their currency. When the currency weakens they can sell gold to support it.