Ghana Moves to Hedge Gold Price to Preserve Build-Up of Reserves
A gold trader displays balls of unrefined gold with a piece of refined gold in Dunkwa-on-Offin, Ghana.
Photographer: Ekow Dontoh/Bloomberg
Ghana is working on a program to hedge the price of gold exports as it seeks to shield earnings that have bolstered the central bank’s foreign reserves from future volatility, Governor of the Bank of Ghana Johnson Asiama said.
Increased production and higher prices have helped Africa’s top gold miner to boost gross international reserves to $11.1 billion, Asiama said in the capital, Accra on Tuesday. The buffer is enough to cover 4.8 months of imports, he said.