EMT, BoG, MLNR, Minerals Commission, PMMC meet Chamber of Mines on Gold Purchase Programme

The Economic Management Team (EMT), the Bank of Ghana (BoG), Ministry of Lands and Natural Resources (MLNR), Minerals Commission and Precious Mineral Marketing Company (PMMC) met with the Ghana Chamber of Mines on Tuesday August 9 to draw a roadmap for the implementation of the Bank of Ghana’s Gold Purchase Programme across the industry.

It was agreed during the meeting that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, the central bank 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.

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

Earlier, Dr Bawumia announced that in conjunction with the Bank of Ghana (BoG), government was going to start a deliberate gold purchase programme which will target purchasing gold.

He stated that after series of deliberations, the Bank of Ghana has been persuaded to start this programme which is going to be the first of it’s kind in history, adding that the programme when started, will be a boost for the Small Scale Mining sector as purchases made will build the country’s gold reserves.

He made this known at the maiden edition of the Responsible Small Scale Mining Awards held at Alisa Hotel on Wednesday 22nd December, 2021.

The Vice president described the Mining award ceremony as a historic occasion which he is very proud to be a part of.

He opined that he sees the award to be something peculiar because  “all too often, our problem solving turns to focus more on chasing and punishing wrong doers and not recognising and rewarding those who do right and this is what makes this award different”.

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“The award recognises players in small Scale Mining sector who despite the temptation to join the wrong doing bandwagon, have decided to stay within the relevant regulatory framework for the country and to operate responsibly,” he explained.

By Laud Nartey|3news.com|Ghana