By Ukumbi Afrika Beginning 1 July, Ghana will purchase 30% of the gold produced by large-scale mining companies under a revised agreement aimed at strengthening foreign exchange reserves and supporting domestic refining.
The arrangement, reached through the Ghana Chamber of Mines, expands an earlier programme under which miners supplied 20% of production to the central bank. Gold will be sold in dore form to the state-owned GoldBod before local refining.
Officials say the policy is intended to build strategic reserves, enhance resilience against external economic shocks and support Ghana’s ambition to secure London Bullion Market Association accreditation for a domestic refinery by 2030.
Source: Reuters. Reporting by Emmanuel Bruce. Editing by Barbara Lewis.