Mining firms to sell 20 percent of their gold to BoG before export

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Government has directed that all large-scale gold mining firms in the country sell 20 percent of their refined gold to the Bank of Ghana (BoG) before export effective January 2023.

The move will ensure government secures enough gold to purchase petroleum products under its gold for oil programme expected to commence next year.

A letter addressed to the Minerals Commission and Precious Minerals Marketing Company, (PMMC) dated Wednesday (23 November), also directed community mining schemes and all incensed small gold miners to sell 20 percent of their gold to PMMC effective January 2023.

“Effective 1st January, 2023, all large scale mining companies (as agreed with the Bank of Ghana) shall sell twenty percent (20%) of all refined gold at their refineries to the Bank of Ghana (in Ghana Cedis) before the export of the gold. The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large scale mining companies to ensure compliance with this directive.

“Effective 1st January, 2023, all Community Mining Schemes (CMS) shall sell their gold outputs to Government through PMMC. All mining licences for CMS shall include a clause mandating licensees to sell their gold output to Government.”

“Effective 1st January, 2023, all Licensed Small Scale Gold Miners shall sell their gold to Government through PMMC. All small scale gold mining licences shall include a clause mandating licensees to sell their gold to Government,” the letter said.

Below is a copy of the letter: