Ghana’s new state-run gold trading body, GoldBod, has strengthened the country’s economy. According to the Bank of Ghana, gold revenue is now being channeled directly into the banking system. This has helped increase Ghana’s foreign reserves and support the local currency. The move aims to reduce gold smuggling and improve transparency in the mining sector.
GoldBod was created to take charge of exporting gold on behalf of the state. The government is confident that the initiative prevents private traders from diverting foreign exchange earnings. The central bank credited the policy for helping stabilize the cedi in recent months. Experts believe GoldBod could become a key tool for Ghana’s long-term economic recovery.
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