Following the purchase of 26,000 ounces of gold by the Bank
of Ghana between May and November of this year, Newmont becomes the first gold
mining firm in Ghana to sell gold to the central bank under the domestic gold
purchasing program.
This is a component of the Ghana Foreign Reserves
Stabilization Programme's Domestic Gold Purchasing Program.
The central bank purchased 3,500 ounces in May of this year,
according to David Johnson, director of communications at Newmont Africa, while
the remaining 22,500 ounces were purchased in October and November of 2022.
According to Johnson, who spoke at a media event in Sunyani,
Newmont is now the first gold mining business in Ghana to respond to the
central bank's proposal.
The apex bank's domestic gold purchasing program was started
sometime in June 2022 with the main goal of raising its gold reserves.
After extensive deliberation, the Bank of Ghana, the
Ministry of Lands and Natural Resources, the Minerals Commission, the Precious
Minerals Marketing Company (PMMC), and the Ghana Chamber of Mines decided in
August of this year that the central bank would purchase 20% of all refined
gold in cedis at a spot price without any discounts. The economic management
team was led by Dr. Mahamudu Bawumia.
The scheme will allow the Bank of Ghana to purchase gold
produced domestically from chosen gold aggregators and mining companies and to
settle the transaction in local currency at the going rate. Over the following
five years, the bank expects to obtain 10,000 oz of gold per year from Chamber
of Mines members through this initiative.
The goal of the gold purchase program is to maintain and
increase Ghana's foreign exchange reserves, which would help the nation's
balance of payments.
According to consensus, the gold that the Bank of Ghana
bought is on the right track and will significantly strengthen the Ghanaian
economy.
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