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Germany Urged to Repatriate Over $196 Billion Gold Reserves from US Vaults As Trust in the U.S. Under Trump Wanes

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Prominent German economists and financial experts are renewing calls for the Bundesbank to repatriate a significant portion of the country’s gold reserves currently stored in the United States.

The experts are citing heightened geopolitical risks and the perceived unpredictability of U.S. President Donald Trump’s administration for their proposal.

Germany holds the world’s second-largest national gold reserves, valued at nearly €450 billion (approximately $534 billion), totaling around 3,552 tonnes. Of this, 37%—about 1,236 tonnes worth €164 billion (over $196 billion)—remains in the vaults of the Federal Reserve Bank of New York. Just over half is held domestically at the Bundesbank in Frankfurt, with the remaining 12% at the Bank of England in London.

Emanuel Mönch, a leading economist and former head of research at the Bundesbank, told Handelsblatt that the current geopolitical climate makes it “risky to store so much gold in the US.” He advised: “In the interest of greater strategic independence from the US, the Bundesbank would therefore be well advised to consider repatriating the gold.”

Michael Jäger, head of the European Taxpayers Association and the Association of German Taxpayers, echoed these concerns in an interview with Rheinische Post, describing Trump as “unpredictable” and driven to generate revenue.

“That’s why our gold is no longer safe in the Fed’s vaults,” Jäger said. “What happens if the Greenland provocation continues? … The risk is increasing that the German Bundesbank will no longer be able to access its gold. Therefore, it should repatriate its reserves.”

The push comes against the backdrop of strained transatlantic relations, including Trump’s rhetoric toward Western allies and reported interest in acquiring Greenland. Some voices, including Green Party finance spokesperson Katharina Beck, argue that gold bars—seen as an “important anchor of stability and trust”—must not become pawns in geopolitical disputes.

However, not all experts agree. Clemens Fuest, president of the Institute for Economic Research (Ifo), cautioned against hasty action, warning it could lead to “unintended consequences” and “only pour oil on the fire of the current situation.”

The German government and Bundesbank have downplayed immediate concerns. A spokesperson for Chancellor Friedrich Merz’s coalition stated that repatriation is not currently under consideration. Bundesbank President Joachim Nagel, speaking at the IMF’s autumn meetings in Washington last October, assured there was “no cause for concern” over the gold held at the Federal Reserve.

Historically, Germany stored much of its gold abroad during the Cold War to protect it from potential Soviet threats, and partial repatriations occurred between 2013 and 2017.

The issue, once largely championed by the far-right Alternative für Deutschland (AfD), has now entered mainstream debate amid broader global trends of central banks repatriating reserves and increasing gold holdings for diversification in uncertain times.

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Ghana Nears Approval of Cannabis Licences as Country Prepares to Launch Regulated Industry

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Accra, Ghana – Ghana’s Narcotics Control Commission (NACOC) is in the final stages of reviewing applications for cannabis licences, with successful applicants expected to receive approval to begin operations soon, marking a significant milestone in the country’s efforts to develop a legal and regulated cannabis sector.

Deputy Director-General for Enforcement, Control, and Elimination, Alexander Twum-Barimah, disclosed this while speaking at the Kwahu Business Forum on Saturday.

He emphasised that the review process has been “thorough and deliberate” to ensure that only applicants who fully meet all legal, regulatory, and security requirements are granted licences. NACOC officials engaged with potential investors at the forum’s exhibition stand, providing details on various licence categories, including cultivation, processing, distribution, and export.

Mr Twum-Barimah stressed that the commission is committed to building a properly regulated industry that creates legitimate economic opportunities while maintaining strict controls to prevent misuse and illegal activities.

“The goal is to strike a balance between enabling economic development and safeguarding public health and security,” he said.

All licence holders will be subject to ongoing monitoring and compliance checks.

The development signals Ghana’s intention to harness the economic potential of cannabis through job creation, investment, and export revenue, while aligning with international best practices in regulation. Further updates on the licensing process are expected in the coming weeks.

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3 Things Ghana is Doing to Reduce Fuel Prices Amid Global Uncertainty

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Accra, Ghana – As global oil prices continue to surge due to the ongoing Middle East conflict, the Ghanaian government has announced immediate and practical measures aimed at cushioning citizens from the impact of rising fuel costs.

Following an emergency Cabinet session chaired by President John Dramani Mahama, the government outlined three key interventions focused on direct price relief, affordable public transportation, and cutting unnecessary government expenditure on fuel.

Here are the 3 major steps Ghana is taking:

1. Suspension of Selected Taxes and Margins on Fuel

Ministers of Finance and Energy have been directed to suspend certain taxes and margins in the next fuel pricing window. This temporary reduction, which will last for four weeks (subject to review based on developments in the Middle East and global crude prices), is expected to ease the burden on consumers and transporters.

2. Massive Expansion of Affordable Metro Mass Transit Buses

The Minister for Transport has been tasked with fast-tracking the deployment of 100 newly acquired Metro Mass Transit buses onto high-traffic routes across the country. These state-owned buses will maintain significantly lower fares compared to private operators, offering citizens a cheaper and more reliable alternative for daily commuting.

3. Strict Enforcement of Ban on Fuel Allocations for Government Officials

All Ministers and senior government appointees have been reminded to strictly comply with President Mahama’s earlier directive cancelling fuel allocations and allowances. This move is aimed at reducing government expenditure on fuel and demonstrating leadership in belt-tightening during these challenging times.

These interventions form part of the government’s broader strategy to protect the economy and citizens from external shocks while hoping for de-escalation in the Middle East conflict.

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Upcoming Super El Niño Threatens to Worsen Global Food Crisis Amid Iran Conflict

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Climate scientists and food security experts are warning that a powerful “super El Niño” expected later in 2026 could significantly intensify global food price pressures already heightened by the ongoing Middle East conflict involving Iran.

According to US meteorologists, there is roughly a one-in-three chance of a strong El Niño forming between October and December, while European models suggest an even higher probability of an exceptionally strong event.

A “super El Niño” occurs when sea surface temperatures in the eastern Pacific rise at least 2°C above normal. This phenomenon typically triggers extreme weather patterns, including severe droughts in key agricultural regions, which can sharply reduce crop yields for commodities such as cocoa, rice, sugar, food oils, coffee, bananas, and soy.

The timing is particularly concerning because the Iran conflict has already disrupted global fertilizer supplies and shipping routes through the Strait of Hormuz, driving up costs for fuel and agricultural inputs. Analysts say the combination of war-induced supply shocks and El Niño-driven weather extremes could create a “double squeeze” on food production and prices. The United Nations World Food Program has cautioned that prolonged conflict and elevated oil prices could push the number of acutely food-insecure people globally significantly higher.

Dawid Heyl of Ninety One noted that while the Russia-Ukraine war affected food markets, the current situation is more worrying due to its direct impact on fertilizer production and availability.

He warned that overlapping negative factors — geopolitical disruption and strong El Niño conditions — could prove especially damaging for vulnerable countries in Africa, India, Australia, Brazil, and Argentina.

Experts state that long-term resilience will require greater investment in climate adaptation, diversified supply chains, and international cooperation to protect global food security as geopolitical and climate risks increasingly intersect.

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