BOG Holds Gold Bullion Reserves Of $96.5 Million

The Ministry of Finance and Economic Planning, Mr Yaw Osafo-Maafo yesterday said the Bank of Ghana holds gold bullion valued at about 96.5 million dollars as part of the its reserves.

He said the gold reserves are held mostly with correspondent central banks, including the Federal Reserve Bank, New York and the Bank of England, London.

Mr Osafo-Maafo said this in Parliament when Mr Joseph Darko-Mensah, NPP-Okaikoi North asked whether Ghana has gold bullion reserves and if yes what is the value.

Mr Darko-Mensah in a supplementary question asked whether the country can improve on its reserve in view of the numerous gold mines and the Minister said it is the management of the reserve that matters and not the amount of gold deposited since the cost is not static and can be a disservice to the country.

Mr Isaac Adjei-Mensah, NDC-Techiman North asked whether the country has other reserves besides the gold bullion reserves and the Minister said there are other reserves in other internal currencies.

Mr Mike Gizo, NDC-Shai/Osudoku asked whether it is mandatory to hold reserves in foreign banks and whether it is not dangerous in case of sour relations.

The Minister said freezing of assets does not affect reserves being held by any foreign bank in a foreign country.

The debate on the Motion for the approval of the Economic Policy of Government for the 2003 financial year and the supplementary budget was concluded today and approved by the House.