The operational terms of the September 2022 expansion of Ghana’s Domestic Gold Purchase Programme were announced by Vice President Dr. Mahamudu Bawumia, according to a Ghana Chamber of Mines bulletin published that month.
Speaking after a meeting with the Bank of Ghana, the Economic Management Team, the Ministry of Lands and Natural Resources, the Minerals Commission, PMMC and Chamber leadership, Bawumia set out the arrangement: from 1 September, the Bank of Ghana would purchase a portion of the gold mining companies’ output on a continuous basis at world market prices, with payment made in Ghana cedis. The purpose, he said, was to shore up the Bank’s foreign exchange reserves.
He described the arrangement as a significant and sustainable addition to Ghana’s foreign exchange reserves over time, and as a strengthening of the country’s balance of payments position.
Under the terms announced, Chamber member companies would supply about 125,000 ounces over the September to December 2022 period. Newmont Ghana had already sold 3,500 ounces to the Bank ahead of the meeting.
Chamber President Joshua Mortoti confirmed the Chamber’s support for the programme. Chief Executive Sulemanu Koney said members would engage the Central Bank to fast-track implementation.
