Mining companies to sell 20% of refined gold to Bank of Ghana

The Minister of Lands and Natural Resources, Mr Samuel Abu Jinapor, has directed all large-scale mining companies to sell 20 per cent of their refined gold to the Bank of Ghana (BoG) effective January 1, 2023.

The directive formed part of the Government’s measures to operationalize the use of gold to purchase oil products into Ghana.

Vice President Mahamudu Bawumia announced this on his Facebook wall on Friday.

Effective 1st January 2023, all large-scale mining companies (as agreed with the Bank of Ghana) shall sell 20 percent of all refined gold at their refineries to the Bank of Ghana (in Ghana Cedis) before the export of the gold.

The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large-scale mining companies to ensure compliance with this directive.

 Also, all Community Mining Schemes (CMS) shall sell their gold outputs to Government through PMMC.

Therefore, all mining licenses for CMS shall include a clause mandating licensee to sell their gold output to Government.

Also, all Licensed Small-Scale Gold Miners shall sell their gold to Government through PMMC.

The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at 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.

Source: GNA