Ghana has directed all large-scale mining companies to divest 20% of their whole inventory of refined gold at their refineries to the nation’s central financial institution in Ghana Cedis.
Efficient from 1 January 2023, the ruling types a part of the nation’s efforts to make use of gold to buy oil merchandise, Ghana Vice-President Mahamudu Bawumia mentioned in a Fb publish citing Ghana Minister for Lands and Pure Assets Samuel A Jinapor.
Ghana is planning a brand new coverage to make use of gold to purchase oil merchandise, as an alternative of US greenback reserves to sort out lowering overseas forex reserves.
Bawumia mentioned: “The Financial institution of Ghana and the Valuable Minerals Advertising Firm (PMMC) will coordinate with the large-scale mining firms to make sure compliance with this directive.
“The gold to be bought by the Financial institution of Ghana and the PMMC will probably be in cedis at spot value with no reductions.”
The order to promote gold to the federal government additionally entails group mining schemes and licensed small-scale miners.
Bawumia added: “These directives would additionally assist native gold refineries get hold of gold provides from PMMC to assist their operations as they work towards acquiring the required London Bullion Market (LBMA) certification.”
AngloGold Ashanti spokesperson was cited by Reuters as saying by way of electronic mail that the agency had not obtained a proper directive from the federal government on its gold reserves. The agency is contemplating finding out and interesting with the federal government upon receiving the order.
Gold Fields, which holds mining property in Ghana, mentioned the corporate and different mining companies have already agreed to a gold buying programme with the Financial institution of Ghana.
Referring to the corporate’s funding for the programme in 2022, a Gold Fields spokesperson mentioned: “We’ve got commenced with this programme and can in complete promote 15,000oz to the Financial institution this yr. Subsequent yr’s quantity continues to be being finalised with the authorities.”
This yr, Ghana’s cedi forex dipped to greater than 40% in opposition to the US greenback. Because the explosion of its solely refinery in 2017, the nation relied on imports of refined oil merchandise.