http://www.bullionstreet.com/news/ghana-may-withdraw-gold-reserves-from-euro-zone-banks/2137
http://business.myjoyonline.com/pages/news/200810/21387.php
Ghana’s gold holdings stood at 280,872 ounces (or 8.77 tonnes) as of September 18, 2008 and it is valued at $245.68 million.
The same quantity of gold on December 31, 2007 was valued at $228.741 million, due to price changes of gold in the world market.
According to the Bank of Ghana, which keeps the country's foreign exchange reserves, including gold holdings, gold reserves had not changed in ounces and tonnes since 1996, although its market valuation has been changing with price movements in the world market price.
This finding is contrary to reports in some international and local media circles that last year the country quietly sold off its entire gold holdings, rumours the Governor of the Central Bank, Dr Paul Acquah, said lacked basis.
"The gold holdings of Ghana's Foreign Exchange Reserves held by the Bank of Ghana in ounces and tonnes have not changed since 1996," a statement from the bank's Public Affairs said.
The statement explained, however, that "the market valuation however changes with movements in the world market price of gold."
Checks by the Daily Graphic revealed that the total value of gold reserves as of December 31, 2007 was GH¢228.74 million.
The figure for 2006, as captured in the Bank of Ghana Financial Statement published in the 1668 issue of the Ghana Gazette on August 22, this year, was GH¢64.26 million. The 2007 holdings included GH¢I74.216 million gold investment in the Bank of England and GH¢15.746 million gold set aside at the same bank, with GH¢62.871 million kept at the Federal Reserve Bank in the United States.
The rest are UBS gold investments of GH¢67.583 and a local holding of GH¢8.325 million.
Ghana may withdraw Gold reserves from euro zone banks
Ghana's export receipts from gold amounted to $2.7 billion in the first five months of this year.
ACCRA(BullionStreet): Ghana said it is monitoring banks in the Euro zone where the country keeps some of its reserves and resources including gold.
Ghana's central bank, the Bank of Ghana (BoG) said it is reading downgrading reports of some banks in the Eurozone and will remove its reserves in those banks if these are downgraded or are found to be in danger.
The West African country earned $2.7 billion from gold exports in the first five months, the bank added. Other major exports include Cocoa beans at $1.6 billion and crude oil at $1.2 billion during the five months of 2012.
BoG governor Amissah-Arthur said he hoped the euro does not die because the West Africa Monetary Institute (WAMI) is trying to emulate the euro.
Amissah-Arthur warned that the demand for commodities in the Eurozone is low and Ghana's foreign exchange earnings could be affected.
BoG Monetary Policy Committee (MPC) noted that that challenges in the Eurozone continue to pose threats to the global economic outlook and there are substantial downside risks to growth due to the austerity measures being implemented in parts of the zone.
In a report issued recently, the World Bank says it expects a long period of volatility in the global economy as the Eurozone debt crisis escalates. The report warns developing nations to expect weak growth and tough times and urges countries to take adequate long-term measures to ensure that economic growth can be sustained.
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Ghana’s gold holdings stood at 280,872 ounces (or 8.77 tonnes) as of September 18, 2008 and it is valued at $245.68 million.
The same quantity of gold on December 31, 2007 was valued at $228.741 million, due to price changes of gold in the world market.
According to the Bank of Ghana, which keeps the country's foreign exchange reserves, including gold holdings, gold reserves had not changed in ounces and tonnes since 1996, although its market valuation has been changing with price movements in the world market price.
This finding is contrary to reports in some international and local media circles that last year the country quietly sold off its entire gold holdings, rumours the Governor of the Central Bank, Dr Paul Acquah, said lacked basis.
"The gold holdings of Ghana's Foreign Exchange Reserves held by the Bank of Ghana in ounces and tonnes have not changed since 1996," a statement from the bank's Public Affairs said.
The statement explained, however, that "the market valuation however changes with movements in the world market price of gold."
Checks by the Daily Graphic revealed that the total value of gold reserves as of December 31, 2007 was GH¢228.74 million.
The figure for 2006, as captured in the Bank of Ghana Financial Statement published in the 1668 issue of the Ghana Gazette on August 22, this year, was GH¢64.26 million. The 2007 holdings included GH¢I74.216 million gold investment in the Bank of England and GH¢15.746 million gold set aside at the same bank, with GH¢62.871 million kept at the Federal Reserve Bank in the United States.
The rest are UBS gold investments of GH¢67.583 and a local holding of GH¢8.325 million.
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