Ghana’s Gold as Reserve Currency for Ghana Cedi
The republic of Ghana’s government is said to have asked its central bank to commence gold purchasing to increase its gold reserve. Even though it is suggested that the accumulated gold would be used as GHC’s reserve currency, it not quite clear what exactly would be done with the gold Reserve.
The Hot Seat is wondering if any gold purchased or refined would be Ghana Cedi currency reserves or as value to borrow more printed cash (fiat money) from other countries i.e. USA – American Dollar? The vice president Dr M Bawumia also stated that Ghana is working with UK London bullion to certify Ghana to refine her gold – Again The Hot Seat is wondering why can’t Ghana come up with her gold standard and offer it to the rest of the world especially as a gold extracting nation.
