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Ghana mining firms ordered to sell 20% of gold stocks to central bank

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The move is part of measures to operationalise a government plan to use gold to buy oil products announced on Thursday by the president

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The move is part of measures to operationalise a government plan to use gold to buy oil-products announced on Thursday by Bawumia. It is meant to tackle dwindling foreign currency reserves. All community mining schemes and licensed small-scale miners will also have to sell their gold to the government through PMMC from the same date onwards. This will be mandated by a clause in their licenses, he said.

However, Bank of Ghana communications officer Sam Opoku told Reuters he could not confirm or deny whether Bawumia’s order was being considered.

 

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