Wednesday, January 23rd 01:34 PM IST

Ghana may repatriate Gold reserves from US, Europe

# Ghana gold refinery  # Bank of Ghana  # Ghanian cedi.  

Analysts said Ghana's stable and established democratic system is good enough to protect it's gold reserves within it's soil.

ACCRA(BullionStreet): Africa's second largest gold producer Ghana is again considering to repatriate it's gold reserves from the US Federal Reserve and European banks.

According to unconfirmed reports, Ghana's central bank the Bank of Ghana is satisfied with the situation at home and is also influenced by Germany's decision to withdraw it's reserves.

Analysts said Ghana’s stable and established democratic system is good enough to protect it's gold reserves within it's soil.

They added that the same system attracted most of the world's major gold producers including AngloGold Ashanti, Newmont, Golden Star and Goldfields.

Another factor making Ghana attractive to foreign investment is bank de-regulation. The Central Bank introduced a floating exchange system allowing foreign investors to hold foreign exchange with any bank they choose. This allows investors to more easily extract profits from the country.

Meanwhile, Bank of Ghana, which keeps some part of the country's foreign exchange reserves, including gold holdings recently said gold reserves had not changed in ounces and tonnes since in one year although its market valuation has been changing with price movements in the world market price.

Ghana holds major part of it’s overseas gold in the Bank of England and US Federal Reserve.

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