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Ghana Orders Mining Firms to Sell 20% of Refined Gold to its Central Bank

Vice President Mamodu Bawumya said on Facebook on Friday that Ghana has ordered all major miners to sell 20% of all refined gold holdings in their refineries to the Bank of Ghana from January 1, 2023.

The move is part of moves to activate a government plan to use gold to buy petroleum products, announced by Baumea on Thursday. The aim is to cope with the decline in foreign exchange reserves.

Gold

“The Bank of Ghana and Precious Metals Marketing Corporation (PMMC) will coordinate with major mining companies to ensure compliance with this policy,” the vice president’s Facebook post said on Friday.

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All municipal mining systems and licensed small miners must also sell their gold to the government through the PMMC from the same date. He said this would be done under a clause in their licenses.

“The gold that the Bank of Ghana and PMMC will be purchasing will be offered at spot price with no discounts,” he added.

However, Bank of Ghana communications officer Sam Opoku told Reuters he could neither confirm nor deny whether Baumea’s application would be considered.

Ghana Orders Mining Firms to Sell 20% of Refined Gold to its Central Bank

Gold mining companies Newmont Corp (NEM.N), Gold Fields Ltd (GFIJ.J), AngloGold Ashanti Ltd (ANGJ.J), Galiano Gold Inc (GAU.TO) and Asante Gold Corp (ASE.CD) are all immediately building gold mines in Ghana ab responded to Reuters requests for comment.

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