Elorm

God is my Source

[Elorm @_Yveski]

@jeremyb___ 😂😂😂😂😂😂😂😂😂

[Elorm @_Yveski]

@AlNassrFC_EN He sounds like Al Pacino in Scarface .

[Àshàké(not Ololade)❤️ @Molayoo_]

“No one is coming to save you”

but the tomb is literally empty🫠

[legba @_blaQad]

The message remains the same my people. Don’t burn yourself trying to please people. ALSO, #stopgalamseynow

“For Me” - performed by BlaQad x Adwenkoro Palmwine Band

#highlife

[Knicks Memes @KnicksMemes]

Knicks Center Trey Jemison III has a regular series on IG where he posts Bible Study videos

Here is today's:

IG TallT_23

[Theo Acheampong, PhD @mytheoz]

𝗢𝗡 𝗧𝗛𝗘 𝗥𝗘𝗟𝗔𝗧𝗜𝗢𝗡𝗦𝗛𝗜𝗣 𝗕𝗘𝗧𝗪𝗘𝗘𝗡 𝗚𝗢𝗟𝗗 𝗣𝗥𝗜𝗖𝗘𝗦 𝗔𝗡𝗗 𝗧𝗢𝗧𝗔𝗟 𝗥𝗘𝗦𝗘𝗥𝗩𝗘 𝗛𝗢𝗟𝗗𝗜𝗡𝗚𝗦 𝗜𝗡 𝗚𝗛𝗔𝗡𝗔

I did an analysis using monthly published data from the Bank of Ghana (May-23 to Oct-25; N = 30) on the relationship between gold price and total gold reserve holdings in Ghana.

Below are a few interesting observations:

1) 𝗜𝗻 𝗹𝗲𝘃𝗲𝗹𝘀 (𝗣𝗿𝗶𝗰𝗲 𝘃𝘀 𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀): There is a strong correlation (0.92) of gold prices and gold reserve holdings. Over the sample, higher gold prices coincide with higher total holdings. But this is largely because both series trend upward over time. In statistical/econometric terms, the strong positive “relationship” in levels is likely dominated by the shared time trend.

2) 𝗜𝗻 𝗺𝗼𝗻𝘁𝗵-𝘁𝗼-𝗺𝗼𝗻𝘁𝗵 𝗺𝗼𝘃𝗲𝗺𝗲𝗻𝘁𝘀 (Δ𝗣𝗿𝗶𝗰𝗲 𝘃𝘀 Δ𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀): The correlation becomes negative (-0.38) when monthly changes are accounted for. In simple terms, in the short run, months with rising prices tend to be associated with smaller increases in holdings and vice-versa. The explanatory power is modest, but the sign is consistently negative.

3) 𝗔𝗳𝘁𝗲𝗿 𝗿𝗲𝗺𝗼𝘃𝗶𝗻𝗴 𝗹𝗶𝗻𝗲𝗮𝗿 𝘁𝗶𝗺𝗲 𝘁𝗿𝗲𝗻𝗱𝘀 (𝗱𝗲𝘁𝗿𝗲𝗻𝗱𝗶𝗻𝗴): the correlation of detrended residuals drops sharply to -0.64. What this means is that relative to their own trends, price spikes do not coincide with “extra” accumulation of holdings; if anything, deviations move in opposite directions.

4) 𝗔 𝟯-𝗽𝗲𝗿𝗶𝗼𝗱 𝗔𝘂𝘁𝗼𝗿𝗲𝗴𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝗱 𝗟𝗮𝗴 (𝗔𝗥𝗗𝗟)/𝗨𝗻𝗰𝗼𝗻𝘀𝘁𝗿𝗮𝗶𝗻𝗲𝗱 𝗘𝗿𝗿𝗼𝗿 𝗖𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝗼𝗻 𝗠𝗼𝗱𝗲𝗹 (𝗘𝗖𝗠) estimate using monthly data (May-23 to Oct-25), with log (total holdings) as the dependent variable and log(gold price) as the driver shows that 𝘀𝗵𝗼𝗿𝘁 𝗿𝘂𝗻 𝗺𝗼𝗻𝘁𝗵-𝘁𝗼-𝗺𝗼𝗻𝘁𝗵 𝗽𝗿𝗶𝗰𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝗱𝗼 𝗻𝗼𝘁 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝗹𝘆 𝗲𝘅𝗽𝗹𝗮𝗶𝗻 𝗺𝗼𝗻𝘁𝗵-𝘁𝗼-𝗺𝗼𝗻𝘁𝗵 𝗿𝗲𝘀𝗲𝗿𝘃𝗲 𝗮𝗰𝗰𝘂𝗺𝘂𝗹𝗮𝘁𝗶𝗼𝗻. However, in the long run, a 1% increase in gold price is observed to be associated with about a 1% increase in total holdings. This is confirmed by various bounds tests, normality and autocorrelation tests. Note: the lags were selected by AIC with a maximum of 3 lags.

𝗕𝗢𝗧𝗧𝗢𝗠 𝗟𝗜𝗡𝗘
5. The 𝗱𝗮𝘁𝗮 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 seem to 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗮 𝗽𝗿𝗼-𝗰𝘆𝗰𝗹𝗶𝗰𝗮𝗹 (𝗽𝗿𝗶𝗰𝗲-𝗱𝗿𝗶𝘃𝗲𝗻 𝗮𝗰𝗰𝘂𝗺𝘂𝗹𝗮𝘁𝗶𝗼𝗻) 𝘀𝘁𝗼𝗿𝘆 in the short run. The short-run and detrended relationships are negative, suggesting that 𝗛𝗢𝗟𝗗𝗜𝗡𝗚𝗦 𝗚𝗥𝗢𝗪𝗧𝗛 𝗜𝗦 𝗠𝗢𝗥𝗘 𝗣𝗢𝗟𝗜𝗖𝗬/𝗣𝗥𝗢𝗚𝗥𝗔𝗠𝗠𝗘-𝗗𝗥𝗜𝗩𝗘𝗡 and comparatively smooth rather than ad-hoc reactions to price increases. In my view, it is a good thing that gold reserve accumulation is programme-driven and smooth (this has been the case since 2023), rather than reacting mechanically/opportunistically to monthly price swings. Thus, for a Domestic Gold Purchase Programme (DGPP) whose primary objective is to support the cedi such smooth programme-driven accumulation path is generally desirable. It is consistent with the Bank of Ghana’s stated intent to use domestic gold purchases to augment FX reserves, diversify the reserves portfolio, and foster confidence in the Ghanaian economy.

6. 𝗦𝗼𝗺𝗲 𝗿𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀 to sustain the policy going forward as one of key anchors of reserves accumulation and FX support (some of these are also mentioned in the IMF’s latest recommendations) include:

(a) Clear 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗿𝘂𝗹𝗲 (steady accumulation)
(b) Clear 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝗿𝘂𝗹𝗲 (how and when cedi liquidity is sterilised taking into account inflation targeting)
(c) Clear 𝗙𝗫 𝘀𝗮𝗹𝗲𝘀 𝗿𝘂𝗹𝗲 (how reserves are used to supply FX in a transparent and market-neutral manner)
(d) 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗿𝗶𝗻𝗴-𝗳𝗲𝗻𝗰𝗶𝗻𝗴: independent audits, transparent procurement of aggregators/assayers, responsible sourcing/chain-of-custody standards.

DISCLAIMER: These are my personal views and not that of the Ministry of Finance or The Government of Ghana. If you want to quote me, quote it well. Also, if you come name-calling or insulting, your comment will be deleted and you will be blocked. Let's have an informed discussion.

[Elorm @_Yveski]

My Goat 🐐..if you know you know.

[Yormiess @yormies2k]

Sena 2017!!!!!!!!
If you know you know

[Yormiess @yormies2k]

Sena 2017!!!!!!!!
If you know you know

[Elorm @_Yveski]

@DonkorAgyeman Happy birthday brother 🎉🎉

[Elorm @_Yveski]

@at_maxmillian 😂😂😂😂😂

[Elorm @_Yveski]

@Bill_Eshun Welcome bro 💪🏽

[Elorm @_Yveski]

Congratulations Bro 🎉🔥

[Billino @Bill_Eshun]

Hello ladies and gentlemen, your SWAG Journalist of the Year 2025

Yours truly

[Billino @Bill_Eshun]

Hello ladies and gentlemen, your SWAG Journalist of the Year 2025

Yours truly

[Elorm @_Yveski]

@iamyevesky 😂😂 remember you were once a Blue.

[Elorm @_Yveski]

@macauleysy Oh okay …hmm wey I dey take my AI just dey write mails?😂

[Elorm @_Yveski]

@macauleysy Hmmm I don’t understand 😂😂

[Aminu Abibu @__aaminu]

Season 2024/25 🤝🏾

⬇️⬇️⬇️⬇️⬇️
https://t.co/Xp6n9JOElA

[Gameli K. Martey @GameliMartey]

This is very true, @readJerome

As shown in the red dotted circle below, the USD even strengthened sharply post-Trump election (shown by the rising orange line in the dotted circle). But BOG strong FX sale helped the GHS appreciate (shown by falling white line in dotted circle).

[Elorm @_Yveski]

@scubaryan_ What song is playing?

[Elorm @_Yveski]

@mr_bliss1 😂Yeah me too.