The Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission and PMMC met with the Ghana Chamber of Mines on Tuesday to draw a road map for the implementation of the Bank of Ghana’s Gold Purchase Program across the industry.
It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st (next month), the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices but payment will be made in cedis.
This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the balance of payments.
Source: Mybrytnewsroom.com/Kwabena Nyarko Abronoma
