Ahead of the full implementation of the Gold Trading Program, the Mineral Income Investment Fund (MIIF) on Friday, 7th July 2023 held a crucial meeting with the Ministry of Lands and Natural Resources to apprise the Ministry of the intricacies and processes involved in the program.
The meeting which was Chaired by the Deputy Minister in charge of Mines, Hon. George Mireku Duker also saw the officials from MIIF, led by the Chief Executive Officer Mr. Nana Yaw Koranteng on the myriad of benefits the country could accrue from the Gold Trading program.
In an elaborate presentation made by the CEO and Bubune Sorkpor, the Chief Investment Officer of MIIF, it came to light that the objective of the Gold Trading Program is to position Ghana as a gold trading hub in the sub-region, formalize the small-scale gold mining sector and to be a vehicle for providing significant foreign exchange supplies for major government policies without compromising the value of income accruing to the Country.
Per the presentation, the process entailed in the Gold Trading Program will see MIIF purchase gold and other mineral resources from licensed aggregators who will assay the gold in accordance with industry standards.
Dr. Sledge Duodu, the CEO of Goldridge company Ltd on his part added that the Minerals will be insured and transported by armoured bullion vans and will be sent to the office of the Precious Mineral Marketing Company (PMMC) where it will be assayed for the final time.
Throughout the process, from the aggregators to the PMMC’s office, he said the protective presence of officers from the Ghana Armed Forces will be activated to ward off potential robbery and also secure the Minerals from potential theft.
To ensure the success of government’s ‘Gold For Oil’ initiative, an agreement has been reached with the Bulk Oil Distributing Companies that requires them to purchase foreign currencies for the purchase of oil products from MIIF at mutually-convenient rates.
This arrangement will enable the BDC’s get their products at quite affordable rates which will positively impact the pricing of their product on the Ghanaian market and eventually inure to the benefit of the average Ghanaian as it will result in some stability and reduction in prices of oil products.
After the presentation, Hon. Mireku Duker availed the platform for others to raise questions and concerns. The MIIF team led by its CEO addressed the pertinent issues raised by the Ministry’s Officials and assured that the Gold Trading Program will serve the interest of Ghana.
Source:Mybrytfmonline.com/Kwabena Nyarko Abronoma