Large scale mining firms directed to sell 20% of refined gold to BoG

The government has directed all large-scale mining companies to sell 20 percent of all refined gold to the Bank of Ghana.

All Community Mining Schemes are also expected to sell their gold outputs to the government.

The government has also ordered small-scale miners to sell their gold to the state-owned Precious Minerals Marketing Company.

The directive will be effective Jan. 1, 2023, the Minister for Lands and Natural Resources, Samuel Jinapor, said in a notice posted on Vice President Mahamudu Bawumia’s Facebook page.

“The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at a spot price with no discounts.”

“These directives would also help local gold refineries obtain gold supplies from PMMC to support their operations as they work toward obtaining the required London Bullion Market (LBMA) certification,” the Minister explained.

The Chief Executive Officer of the Ghana Chamber of Mines, Sulemana Konneye, explained to Citi News the objective these measures are intended to achieve.

“Our member companies have agreed to work with the Bank of Ghana starting this year. We have a target for next year which is under consideration. I can’t tell if these member companies will be committed to the 20% as it is still under consideration but the general programme has been accepted by the industry.”

“For the quantum, the mining companies we are yet to reach an agreement on it and will communicate in due course.”