Ghana’s foreign exchange reserves have seen a significant boost, driven largely by a surge in gold exports linked to policies initiated by President John Dramani Mahama.
According to data from the Bank of Ghana, the recent growth in reserves reflects the benefits of gold-backed export strategies introduced during Mahama’s administration, which is aimed at maximising Ghana’s mineral wealth.
The unprecedented volume of gold exports in recent months has contributed to increased dollar inflows, easing pressure on the cedi and strengthening Ghana’s external balance position.
The introduction of the Ghana Gold Board to streamline Ghana’s gold value chain is fast contributing to this achievement, experts and data have shown.
These measures by the government is improving investor confidence and formalising parts of the industry.
The development comes at a critical time as Ghana continues to recover from recent economic challenges and seeks to build a more resilient macroeconomic environment.
SP/AE
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