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Bank of Ghana to buy gold in cedis not in dollars from mining companies

According to information obtained during the conference, gold will be purchased from mining firms at the current international market values, but in cedis rather than dollars.

The Economic Management Team, led by Dr. Bawumia, the Bank of Ghana, the Ministry of Lands and Natural Resources, the Minerals Commission, PMMC, and the Ghana Chamber of Mines met on Tuesday, August 9, and decided to purchase the gold production of mining companies in cedis.

More information suggests that starting on September 1, 2022, the Central Bank will start buying gold in cedis.

The action is a part of the government’s plan to execute the Central Bank’s Gold Purchase Program throughout the sector.

The action is a part of the government’s plan to execute the Central Bank’s Gold Purchase Program throughout the sector.

When properly carried out, the gold purchase program will, over time, contribute significantly and sustainably to Ghana’s foreign exchange reserves and improve the nation’s balance of payments.

The major goal of the Bank of Ghana’s domestic gold purchasing program, which began in June 2021, is to increase its gold reserves.

The Bank of Ghana then started talking with the Ghana Chamber of Mines (GCM) about its desire to buy refined gold from local mining firms.

While Ghanaian mining businesses were willing to support the program, it was necessary to make sure that it complied with the supply chain, governance, risk, and compliance needs of each individual company.

Under the initiative, over the following four to five years, members of the Chamber of Mines will be required to provide the central bank with an estimated 10 koz of gold annually.

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