Bank Of Ghana To Buy 20% Of Refined Gold From Large-Scale Mining Companies

The Minister for Land and Natural Resources, Mr Samuel Abu Jinapor, has ordered all Ghanaian large-scale mining companies to sell 20 percent of their refined gold to the Bank of Ghana (BoG) taking effect from the1st of January, 2023.

The ministers order formed part of the Government’s plan to engage the use of gold to obtain oil product into Ghana.

On Friday, 25th of November 2022, the Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia declared this on his Facebook page.

All large-scale mining companies, effectively on the 1st of January 2023, (as agreed with the Bank of Ghana) are obliged to sell 20 percent of their refined gold to the Bank of Ghana (in Ghana Cedis) before the exportation of the gold.

The Precious Minerals Marketing Company (PMMC) together with the Bank of Ghana will harmonize with large-scale mining companies to guarantee complaisance with the directive.

Again, all the mines under the Community Mining Schemes (CMS) shall vend their gold out-turn to the Government through the Precious Minerals Marketing Company (PMMC).

As a result, there shall be an inclusion of a clause mandating licensees to sell their produce to the Government for all mining license of the CMS.

In addition, all the licensed Small-Scale Miners will be obliged to sell their gold through the PMMC to the Government.

The price of the gold to be purchased by the PMMC and the Bank of Ghana will be in cedis with no discount.

The order will again aid the local gold refineries acquire gold supplies from the PMMC to aid their actions as they work towards obtaining the required London Bullion Market (LBMA) certificate.