Ghana Earmarks $429 Million to Buy Gold, Shifting Fiscal Risks - Bloomberg.com
Ghana Earmarks $429 Million to Buy Gold, Shifting Fiscal Risks - Bloomberg.com
Source: Bloomberg.com
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DW NOTE
Ghana is converting $429 million of fiscal reserves into physical gold — not as a hedge, but as a statement that the cedi's value depends on what you can trade it for rather than what the central bank says it's worth. When a sovereign shifts from holding dollars to holding metal, it's pricing in the cost of every prior devaluation that made those dollars necessary in the first place.