- June 8, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
Multinational Mining firm, Newmont, has announced that the company has successfully sold 3,500 ounces of gold to the Bank of Ghana (BOG) under the Central Bank’s Domestic Gold Purchasing programme launched in June 2021.
By this, the compony said in a statement issued by its Regional Vice President David Thornton on Tuesday June 7 that, “we become the first mining company to respond to the Central bank’s novel initiative which is a very significant milestone in the fiscal history of the country.
The Bank of Ghana’s domestic gold purchasing programme was launched in June 2021 with the primary objective of increasing its gold reserves. Subsequently, the BoG initiated discussions with the Ghana Chamber of Mines (GCM) aboutits intention to purchase
refined gold from mining companies in the country.
While mining companies in Ghana were prepared to support the programme, there was the need to ensure that the initiative met the governance, risk, compliance, and supply chain requirements of their various companies.
“Newmont proactively engaged the Bank of Ghana to on the governance, risk, compliance, and supply chain requirements associated with the deal.
“Following which it signed an agreement that met all the requirements of both parties in December 2021. Under the programme, the central bank which requires an estimated amount of ~10koz of gold annually from members the Chamber of Mines over the next four to five years.
“Newmont will provide about 30% of the required amount annually based on its market share within the mining industry in Ghana.
The company’s first sale of refined gold occurred in May 2022 following on meeting of the terms and conditions in the agreement reached,” the statement added.