The largest gold producer in Africa is Ghana. Now Ghana wants to buy fuel with gold instead of US dollars.
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The African country produced more than 117 tons of gold last year. Worldwide, Ghana is the sixth largest gold producer and produces more gold per square kilometer than Nevada. South Ghana in particular is considered a particularly productive region for gold discoveries. Ghana has had to import refined petroleum products since 2017, when the only refinery in the country exploded. From Jan. 1, 2023, large mining companies will have to sell 20 percent of their refined gold to the domestic central bank. The central bank also wants to buy gold from smaller gold miners as well. The idea behind these plans is to curb the devaluation of the national currency on the one hand and to get inflation under control on the other. Inflation rose to over 40 percent in October. Ghana's currency has fallen by more than 53 percent against the U.S. dollar since the beginning of the year. Public debt is high due to the economic consequences of the pandemic and the effects of the war in Ukraine.
As early as last year, Ghana's central bank announced its intention to double its gold holdings. This is because diversification benefits, improved currency stability and economic growth are the goals. Ghana's plans show that gold is being used by countries in a new way, de-dollarization is the magic word. Incidentally, overall, central banks around the world bought more gold in the third quarter of 2022 than at any time since 1967. Going for gold is not only something for central banks, but also for private investors. Here, exposure to gold companies such as Calibre Mining or CanaGold Resources could be considered.
Calibre Mining - https://www.youtube.com/watch?v=CZCIoAwrqRI - is a mid-tier gold producer with operations in the U.S. and Nicaragua. In the third quarter, the company produced almost 50,000 ounces of gold.
In British Columbia, CanaGold Resources - https://www.youtube.com/watch?v=TbIYs0Iuh4A - owns the New Polaris project, a past producing high grade gold property.
Latest corporate information and press releases from Calibre Mining (https://www.resource-capital.ch/en/companies/calibre-mining-corp/ ).
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