A stakeholders meeting has been held Tuesday, August 9, 2022 to draw a roadmap for the implementation of Bank of Ghana’s Gold Purchase Program across the industry.
Among the stakeholders present were the Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission and PMMC as well as the Ghana Chamber of Mines.
It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1, 2022, the Bank of Ghana will purchase a portion of the output of the gold mining companies in the country.
The purchase as agreed would be made on a continuous basis at world market prices but payment will be made in Cedis.
This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the balance of payments.
Source: Onuaonline.com|Ghana
