Ghana: BoG to purchase gold from local companies from September 1

Vice President Mahamudu Bawumia has disclosed that the government would begin the purchase of gold from local gold mining companies from September 1, 2022.

This is to help shore up the country’s forex reserves amidst the current woes of the Ghana cedi, he announced on his Facebook page adding that the purchase will be made in cedis.

“The Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission, and PMMC met with the Ghana Chamber of Mines this morning to draw a roadmap for the implementation of the Bank of Ghana’s Gold Purchase Program across the industry.

“It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, 2022, 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 cedis,” Bawumia indicated in a Facebook post.

“This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the balance of payments,” he added.