MIIF briefs lands ministry on gold trading program ahead of operationalisation

In preparation for the full implementation of the Gold Trading Program, the Mineral Income Investment Fund (MIIF) convened a significant meeting with the Ministry of Lands and Natural Resources on Friday, July 7th, 2023.

The purpose of the meeting was to provide the Ministry with a comprehensive understanding of the intricacies and processes involved in the program.

Chaired by George Mireku Duker, the Deputy Minister in charge of Mines, the meeting featured officials from MIIF, led by Chief Executive Officer Mr. Nana Yaw Koranteng. The MIIF representatives highlighted the numerous benefits that Ghana could derive from the Gold Trading Program.

During an extensive presentation by the CEO and Bubune Sorkpor, the Chief Investment Officer of MIIF, it was revealed that the primary objective of the Gold Trading Program is to position Ghana as a gold trading hub in the sub-region.

Additionally, the program aims to formalize the small-scale gold mining sector and serve as a means of providing significant foreign exchange reserves for major government policies while safeguarding the value of the country's income.

The Gold Trading Program involves MIIF purchasing gold and other mineral resources from licensed aggregators who will conduct gold assaying in line with industry standards. Dr. Sledge Duodu, CEO of Goldridge Company Ltd, explained that the minerals would be insured and transported using armored bullion vans to the office of the Precious Mineral Marketing Company (PMMC), where final assaying would take place.

To ensure the security of the minerals throughout the process, officers from the Ghana Armed Forces will be present, deterring potential robberies and protecting against theft.

In support of the government's "Gold For Oil" initiative, an agreement has been reached with Bulk Oil Distributing Companies (BDCs) requiring them to purchase foreign currencies from MIIF at mutually-convenient rates for the acquisition of oil products.

This arrangement will enable BDCs to obtain products at more affordable rates, positively impacting pricing in the Ghanaian market and benefiting the average Ghanaian through increased stability and reduced oil prices.

After the presentation, Mireku Duker provided an opportunity for questions and concerns from the attendees. The MIIF team, led by its CEO, addressed the raised issues and reassured the Ministry's officials that the Gold Trading Program would serve Ghana's best interests.

This meeting served as a crucial step in ensuring the successful implementation of the Gold Trading Program, which holds the potential to establish Ghana as a prominent gold trading hub, formalize the small-scale mining sector, and bolster the country's foreign exchange reserves.