Ghana orders mining firms to sell 20% of refined gold to c.bank (updated)
25/11/2022 12:57
(Adds central bank reaction)
ACCRA, Nov 25 (Reuters) - Ghana has ordered all
large-scale mining companies to sell 20% of their entire stock
of refined gold at their refineries to the Bank of Ghana from
Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook
on Friday.
The move is part of measures to operationalize a government
plan to use gold to buy oil-products announced on Thursday by
Bawumia. It is meant to tackle dwindling foreign currency
reserves.
"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," the
vice-president's post on Facebook on Friday said.
All community mining schemes and licensed small-scale miners
will also have to sell their gold to the government through PMMC
from the same date onwards. This will be mandated by a clause in
their licenses, he said.
"The gold to be purchased by the Bank of Ghana and the
PMMC will be in cedis at spot price with no discounts," he
added.
However, Bank of Ghana Communications Officer Sam Opoku
told Reuters he could not confirm or deny whether Bawumia's
order was being considered.
Gold miners Newmont Corp NEM.N , Gold Fields Ltd
GFIJ.J , AngloGold Ashanti Ltd ANGJ.J , Galiano Gold Inc
GAU.TO and Asante Gold Corp ASE.CD , all of which have gold
mines in Ghana, did not immediately respond to Reuters' requests
for comment.
(Reporting by Cooper Inveen
Additional reporting by Helen Reid in Johannesburg
Writing by Sofia Christensen
Editing by James Macharia Chege)
((Sofia.Christensen@thomsonreuters.com;))