Former Finance Minister Seth Terkper says the clean-up and sanitisation of Ghana’s gold marketing system have played a major role in strengthening the country’s foreign reserves and supporting the recent appreciation of the cedi.
Speaking on PM Express Business Edition, Mr. Terkper explained that one of the government’s key priorities was to quickly rebuild external reserves, which later contributed to the cedi’s improved performance.
According to him, reforms in the gold trade helped reduce leakages and brought more order to the sector, resulting in significant gains for the Bank of Ghana.
“There’s some sanitisation of that whole sector, which led to a significant increase in reserves for the central bank,” he stated.
Mr. Terkper also described gold as one of the strongest global alternatives to the US dollar, stressing that Ghana, as a major gold-producing nation, must strengthen oversight of the sector to fully benefit from its resources.
“Ghana is the Gold Coast,” he added.
