Continent’s banks urged to build up gold reserves

03 Jun, 2022 - 00:06 0 Views
Continent’s banks urged to  build up gold reserves Ghana’s Vice President Mahamudu Bawumia

The Herald

ACCRA. –  Ghana’s Vice President Mahamudu Bawumia has urged central banks in Africa to build gold reserves as a buffer against global economic headwinds that keep devastating the continent’s economies.

Bawumia made the call during the opening of the three-day West Africa Mining and Power Exhibition and Conference in the Ghanaian capital.

He said the aftermath of the pressure unleashed by the Covid-19 pandemic and the Russia-Ukraine conflict could redefine the global economic landscape in the future due to disruptions in supply chains and drastically reduced access to essential commodities.

“This calls for greater self-reliance, from producing own medicines to enhancing agriculture production. But the greatest emphasis should be on building up gold reserves to protect the value of our currencies and provide a balance of payment support,” the vice president urged.

To make this goal possible, Bawumia said the central banks should partner with the gold mining companies working in Africa “to enable us to achieve these objectives.”

Bawumia emphasized that African countries needed self-sufficiency to brace up for the coming storm, and reiterated the need for African countries to seek home-grown solutions to address the impending challenges. – Xinhua

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