To help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, the Bank of Ghana will purchase gold from gold mining companies in the country at world market prices but payment will be made in cedis.

This was the agreement between the Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission and PMMC when they met with the Ghana Chamber of Mines Tuesday morning, 9 August 2022, to draw a roadmap for the implementation of the Bank of Ghana’s Gold Purchase Programme across the industry.

Vice President Dr Mahamudu Bawumia who disclosed this in a Facebook post noted that the new arrangement will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the balance of payments.

Credit: classfmonline

(By Emmanuel Mensah)