Beginning on January 1, 2023, all large-scale mining corporations are required by Samuel Abu Jinapor, Minister of Lands and Natural Resources, to sell the Bank of Ghana (BoG) 20% of their refined gold.
The instruction was a component of the government’s efforts to operationalize the importation of oil products into Ghana using gold as payment.
Mahamudu Bawumia, vice president, made a Facebook announcement 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.
To ensure adherence to this instruction, the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana will work together with the major mining firms.
Additionally, under PMMC, all Community Mining Schemes (CMS) must sell their gold outputs to the government.
Therefore, a condition requiring the licensee to sell their gold output to the government shall be included in all mining permits for CMS.
Additionally, through PMMC, all licensed small-scale gold miners must sell their gold to the government.
The Bank of Ghana and the PMMC will pay spot price for the gold they want to buy in cedis, without any reductions.
These instructions would also make it easier for nearby gold refineries to buy gold from PMMC to sustain their operations as they pursue the necessary London Bullion Market (LBMA) certification.
Source: newsthemegh.com