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 this morning to draw a roadmap 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. This and many more are being put in place by the New Patriotic Party government to strengthen economic growth in all sectors, expecially the natural resources sector.
Dr Mahamadu Bawumia sharing photos of the event promised that it is going to have a significant impact on the national and international markets
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