• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, July 12, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Large-scale Mining Companies To Sell 20% Of All Refined Gold To BoG From January 1

November 25, 2022
Stephen M.Cby Stephen M.C
in General News
0
Stop All Releases Of Public Lands And Render Account To Ghanaians- OccupyGhana

Minister for Lands and Natural Resources, Samuel Abu Jinapor.

The Minister for Lands and Natural Resources, Samuel Abu Jinapor, has disclosed that effective 1st January 2023, all large-scale mining companies, as agreed with the Bank of Ghana, shall sell twenty percent of all refined gold at their refineries to the Bank of Ghana before the export of the gold.

According to him, the move is part of measures to operationalize the government’s use of gold to purchase oil products.

He revealed that 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.

RelatedPosts

Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 

Police Assure Justice Over Violence in Ablekuma North Rerun Election

IMANI Flags Transparency Gaps in $360 Million World Bank Loan

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

Samuel Abu Jinapor

Mr Jinapor noted that all Community Mining Schemes (CMS) shall equally sell their gold outputs to Government through PMMC also effective January 1. With this, he explained that all mining licenses for CMS shall include a clause mandating licensee to sell their gold output to Government.

“Effective 1st January 2023, all Licensed Small-Scale Gold Miners shall sell their gold to Government through PMMC. All small-scale gold mining licenses shall include a clause mandating licensee to sell their gold to Government.”

Samuel Abu Jinapor

The lands minister noted that 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, Mr Jinapor noted, 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.

It will be recalled that the Vice President, Dr Mahamudu Bawumia, revealed that government is negotiating a new policy regime where gold will be used to buy oil products for the country. He indicated that the move to barter gold for oil represents a major structural change for the country.

Dr Bawumia stated that the barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence.

Gold Acquisition Program by BoG

According to the Central Bank, other than the diversification benefits of gold for Ghana’s reserves portfolio, the domestic gold purchase program will pave the way for BOG to grow its foreign exchange reserves to foster confidence, enhances currency stability, creates a more attractive environment for foreign direct investments and economic growth. This program, it highlighted, will also enable the Bank to leverage its gold holdings to raise cheaper sources of financing to provide short term foreign exchange liquidity.

The Bank noted that the program sets the stage for Ghana to purchase gold as part of efforts to build its reserves. The step, it noted, will enable the Bank of Ghana buy domestically produced gold from selected gold aggregators and mining firms and pay in the local currency at the prevailing market price.

BoG indicated that through this program it expects to double its gold holdings in the next five years.

READ ALSO: 2023 Budget: We Are On Course To Creating A Financially Repressed Society- Prof Bokpin

Tags: Bank of GhanaGold refineries
Please login to join discussion
Previous Post

Celebrities, Fans Mourn Late Gospel Singer, Sammie Okposo

Next Post

Interest Payment For Domestic Bond Holders Suspended – T-Bill Excluded

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

IMF Team to Arrive in Ghana for Talks on Economy and 2025 Budget
Economy

IMF Flags Ghana as High Risk for Debt Distress Despite Debt Being “Sustainable”

July 12, 2025
Sudan Urges ICC Probe Into Foreign Interference
Africa

Sudan Urges ICC Probe Into Foreign Interference

July 12, 2025
NPP blamed for defeat in Ablekuma North rerun
General News

Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 

July 12, 2025
COP Christian Tetteh Yohunu., IGP
General News

Police Assure Justice Over Violence in Ablekuma North Rerun Election

July 12, 2025
Erdogan Supports Iran’s Right To Self-Defence
Asia

Erdogan Hails PKK’s Disarmament

July 12, 2025
IMANI Flags Transparency Gaps in $360 Million World Bank Loan, Loan, Public
General News

IMANI Flags Transparency Gaps in $360 Million World Bank Loan

July 12, 2025
IMF Team to Arrive in Ghana for Talks on Economy and 2025 Budget
Economy

IMF Flags Ghana as High Risk for Debt Distress Despite Debt Being “Sustainable”

by Stephen M.CJuly 12, 2025
Sudan Urges ICC Probe Into Foreign Interference
Africa

Sudan Urges ICC Probe Into Foreign Interference

by Lawrence AnkutseJuly 12, 2025
NPP blamed for defeat in Ablekuma North rerun
General News

Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 

by Lilian AhedorJuly 12, 2025
COP Christian Tetteh Yohunu., IGP
General News

Police Assure Justice Over Violence in Ablekuma North Rerun Election

by Evans Junior OwuJuly 12, 2025
Erdogan Supports Iran’s Right To Self-Defence
Asia

Erdogan Hails PKK’s Disarmament

by Comfort AmpomaaJuly 12, 2025
IMANI Flags Transparency Gaps in $360 Million World Bank Loan, Loan, Public
General News

IMANI Flags Transparency Gaps in $360 Million World Bank Loan

by Silas Kafui AssemJuly 12, 2025
IMF Team to Arrive in Ghana for Talks on Economy and 2025 Budget
Sudan Urges ICC Probe Into Foreign Interference
NPP blamed for defeat in Ablekuma North rerun
COP Christian Tetteh Yohunu., IGP
Erdogan Supports Iran’s Right To Self-Defence
IMANI Flags Transparency Gaps in $360 Million World Bank Loan, Loan, Public
[/vc_row_inner]

Recent News

  • IMF Flags Ghana as High Risk for Debt Distress Despite Debt Being “Sustainable”
  • Sudan Urges ICC Probe Into Foreign Interference
  • Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 
  • Police Assure Justice Over Violence in Ablekuma North Rerun Election
  • Erdogan Hails PKK’s Disarmament
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.