Ghana to Pull a Hugo Chavez, Withdraw Gold Reserves from Western Banks

It appears Ghana is the first nation to follow Venezuela’s lead and withdraw its gold reserves from the Western Central banks.
Ghana appears to be more concerned with Eurozone contagion risks than gold rehypothecation, but none-the-less we are talking about physical gold bullion leaving the LBMA system en masse.


Ghana said it is monitoring banks in the Euro zone where the country keeps some of its reserves and resources including gold.

Ghana’s central bank, the Bank of Ghana (BoG) said it is reading downgrading reports of some banks in the Eurozone and will remove its reserves in those banks if these are downgraded or are found to be in danger.

The West African country earned $2.7 billion from gold exports in the first five months, the bank added. Other major exports include Cocoa beans at $1.6 billion and crude oil at $1.2 billion during the five months of 2012.
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