Gabby Asare Otchere-Darko, a prominent member of the New Patriotic Party, has spoken in favor of using gold trade to support Ghana’s economy in the current financial climate.
He claimed that due to tensions with Russia, Ukraine, which only has 50 tonnes of gold deposits, recently sold US$12.4 billion worth of gold reserves.
In a message that was circulated on Twitter, Gabby Otchere-Darko made the case that Ghana produces more gold from its sizable gold deposits than it does from its present gold reserves.
“Ukraine’s central bank has sold US$12.4 billion of gold reserves since the beginning of Russia’s invasion on February 24, the bank’s deputy head said Sunday. This is a country with only 50 tonnes of gold deposit. In times of crisis gold is a safe haven. We produce much much more in Ghana!” he posted on Monday, July 18.
Following this claim, numerous Twitter users questioned whether Gabby Otchere-Darko was arguing for the contentious Agyapa Royalties transaction to be brought back.
A twee said, “Gabby just tested the water again…Agyapa on the pipeline.”
In the meantime, plans to float 49% of Agyapa Royalties on the Ghana Stock Exchange and the London Stock Exchange have been revealed by the Minerals Income Investment Fund (MIIF).
Between US$450 million and US$700 million in gold royalties are anticipated to be raised from the projected listing on both exchanges, which is anticipated to take place in the fourth quarter of this year.
The earnings from the planned IPO, according to MIIF Chief Executive Officer Edward Nana Yaw Koranteng, will be used to fund social and economic infrastructure across the country.
He continued by saying that the nation’s mining communities will receive special attention.
the tweet from Gabby is below:
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