DEGLORY GH MEDIA

The Government of Ghana has taken a Strategic step to strengthen its gold reserves and foreign exchange earnings by implementing a policy that mandates all large-scale gold mining companies to sell 20% of their refined gold to the Bank of Ghana (BOG) before exporting the rest. This directive, which took effect on January 1, 2023, is part of a broader effort to stabilize the economy and support key initiatives such as the "Gold for oil" programme.

To ensure effective implementation, the BOG is working closely with the Precious Minerals Marketing Company (PMMC) and the mining firms. Additionally, all Community Minning Schemes and licensed small-scale miners are required to sell their gold to the government through PMMC.

In a related development, the Ghana Gold Board (GoldBod) has been formally deignated as the exclusive agency responsible for the purchase,sale, assaying, and export of gold from licensed small-scale miners. The move is expected to enhance regulatory oversight, increase national revenue from gold exports, and curb illegal mining practices known as "galamsey".

These measures reflect Ghana's commitment to maximizing the value of its mineral resources for sustainable economic growth and national development.