Gold-producing members of the Chamber of Mines have agreed to sell 125,000 to the Bank of Ghana between now and December 2022.
The decision follows a meeting between the Chamber and Vice President Dr Mahamudu Bawumia, some other members of the Economic Management Team, the Bank of Ghana, the Ministry of Lands and Natural Resources, Minerals Commission, and the PMMC.
The decision is in support of the Bank of Ghana’s Domestic Gold Purchase Programme.
Following the meeting, the Vice President said: “It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices, but payment will be made in Ghana cedis”.
Dr Bawumia added: “This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the country’s balance of payments position.”
President of the Chamber, Joshua Mortoti stated that “as good corporate citizens the Chamber supports the programme”.
He added that the Gold Purchase Programme will be mutually beneficial to all stakeholders.
On his part, the Chief Executive Officer of the Chamber, Dr. Sulemanu Koney, stated that members of the Chamber would further engage the Central Bank to fast-track the implementation of the programme.
The Bank of Ghana and the Chamber of Mines have been discussing the Domestic Gold Purchase Programme since 2020. Dr Bawumia has noted during a few speeches that it is one of the measures being taken to shore up the nation’s foreign reserves.
The Ghana Chamber of Mines is the main minerals industry association in Ghana. The Chamber represents the collective interests of companies involved in mineral exploration, production and processing in Ghana.