BoG Celebrates Gold: Strengthening Ghana’s Position in the Global Market
The Bank of Ghana (BoG) is championing initiatives to boost domestic gold refining and value addition, a strategic move aimed at solidifying Ghana’s standing in the global bullion trade and increasing its export revenue share. This commitment was highlighted at the Ghana International Bank (GHIB) CONVERGE Conference in London, demonstrating a proactive approach to economic growth and diversification within the African context.
Expanding Gold Refining and Value Addition
At the GHIB CONVERGE Conference, themed “Rethinking Commodity Finance for Growth,” Dr. Zakari Mumuni, the First Deputy Governor of the BoG, underscored the importance of this strategy. The conference, convened by GHIB, provided a platform for leaders from various sectors, including banking, trade finance, commodity trading, and policymaking, to brainstorm strategies for Africa to move beyond the simple export of raw commodities. The sessions explored leveraging technology, innovative financing models, and fostering a more integrated and competitive trade ecosystem. A key highlight was the interest from both local and international investors in establishing gold refineries in Ghana, which Dr. Mumuni described as a “very good pro” for the nation’s economic development. This represents a crucial step towards building a more resilient and value-added commodity ecosystem, utilizing technology to drive efficiency and competitiveness in the African gold market.
In essence, the BoG’s support for gold refining and value addition is a significant step towards a more diversified and prosperous economic future for Ghana, aligning with broader African efforts to capture greater value from its natural resources.
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