The Governor of Bank of Ghana, Dr. Ernest Addison has announced that since the inception of the Domestic Gold Purchase Programme (DGPP) in June 2021, the Bank has added over 7.70 tonnes of monetary gold to the existing 8.7 tonnes of gold reserves as of June 30, 2023.
Of this, he said the mining firms accounted for about 80 percent and the remaining 20 percent from the Artisanal Small-scale mining sector through an approved aggregator.
According to Dr Enerst Addison, the Gold Purchase Programme uniquely provides an avenue to organically grow the country’s foreign reserves through the refining of the purchased gold dore, without distorting incentives of local gold producers.
Over the medium-to-long term, he said this programme, has the potential to support the price stability mandate of the central bank if the extra Ghana cedi liquidity through the gold purchases is mopped up through the open market operations.
Also, he said the DGPP also supports the ASM sector as the Bank buys gold at competitive prices from them.
This gold dore is stock piled and shipped to London Bullion Market Association (LBMA) certified refineries that refines the Dore gold to London Gold Refinery Base.
Dr. Addison was speaking at the 4th edition of the Ghana Mining Expo 2023, in Takoradi on the theme “sustainable mineral resource development and well – being of mining communities”.
The EXPO provides a multi-sectoral platform for the sharing and exchange of ideas, opinions, and thoughts on the investment opportunities and challenges in the Africa Gold sector, aimed at implementing strategies for accelerated growth in mining as well as assuring resilience on all fronts and at all times as Africa’s economic bedrock.
Speaking at the EXPO, Minister for Lands and Natural Resources, Samuel Abu Jinapor said government is committed to working with the private sector to adopt strategies that will not only exploit resources in the country but also transform mining into a catalyst for industrialization.
He underscored the need for value addition to realize the intended benefits.
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