Large-scale mining companies are required to sell BoG 20% of their refined gold

All major mining firms are required by law to provide the Bank of Ghana a 20% share of all  refined gold.

Additionally, the government is required to purchase the gold produced by all community mining schemes.

Small-scale gold miners are also required by law to sell their gold to the privately held Precious Minerals Marketing Company.

The directive will go into effect on January 1, 2023, according to a notification posted on Vice President Mahamudu Bawumia’s Facebook page by Minister for Lands and Natural Resources Samuel Jinapor.

“The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at a 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,” Minister gave an explanation.

Sulemana Konneye, the chief executive officer of the Ghana Chamber of Mines, gave media representatives an explanation of the goal these actions are meant to accomplish.

“The Bank of Ghana and our member firms have decided to collaborate beginning this year.

We are thinking about our goal for the upcoming year.

I am unsure if these member firms will commit to the 20% because it is still being discussed, but the industry has embraced the broad scheme.

We have not yet reached a deal with the mining firms over the quantity, but we will do so soon” he added.

Source: Ghanatodayonline.com