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Discussions with BoG on move to purchase gold ongoing - Chamber of Mines

ERIC ASUBONTENG CHAMBER OF MINES Eric Asubonteng is the outgoing President of the Chamber of Mines

Mon, 6 Jun 2022 Source: www.ghanaweb.com

BoG to purchase gold from local companies

Engagements completed local gold company, Chamber of Mines

Purchase of gold from local companies to shore up gold reserves,BoG


The outgoing President of the Ghana Chamber of Mines, Eric Assubonteng has disclosed that discussions are being held with the Bank of Ghana on its purchase of gold.

Vice President, Dr. Mahamudu Bawumia earlier this year hinted at Ghana’s plan to purchase gold from local companies to address the cedi’s depreciation and shore up the country’s reserves.

However, some members of the Ghana Chamber of Mines are holding discussions on commercial and contractual arrangements to be put in place for the sale and purchase of gold between the government.

The outgoing president of the Chamber noted that one of its members has completed these discussions and has moved into implementation.

He made the remarks when speaking at the Chamber 94th Annual General Meeting (AGM) this week.

“On the purchase of gold by the Bank of Ghana to shore up the country’s gold reserves, I am glad to say that some member companies of the Chamber have held and continue to hold discussions with the Bank of Ghana on commercial and contractual arrangements to be put in place for such sales.

“Indeed, I know that one of our members has completed these discussions and has moved into implementation. Under the Programme, the Bank of Ghana would purchase gold from domestic producers, in the local currency (Ghana Cedis) and count the gross value of its gold holdings as part of its reserves.”

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Source: www.ghanaweb.com
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