Skip to main content

Over 350k ounces of gold sold to BoG in 2024 under domestic gold purchase programme – Chamber of Mines


 The Ghana Chamber of Mines has revealed that its member companies sold over 358,000 ounces of gold to the Bank of Ghana in 2024 under the domestic gold purchase programme.

The chamber says the initiative has significantly contributed to the appreciation of the cedi against the US dollar and strengthened the central bank's reserves.

Speaking at a press briefing, the Chief Executive of the Chamber Dr. Ken Ashigbey emphasized the commitment the chamber to supporting economic stability. 

The strength of the cedi currently is based on gold, and it is also because, as an industry, we have this agreement where, last year, we sold 358,218 ounces of gold to the Bank of Ghana.”

The initiative has been instrumental in boosting the bank's position and, subsequently, strengthening the cedi. Dr. Ashigbey emphasized that the chamber will continue to support the BoG with voluntary foreign exchange and gold purchases, underscoring the industry's commitment to stabilizing the country’s forex market.

We will continue to support the bank with voluntary forex and gold purchase initiative to boost the bank’s position and a strengthened cedi."

Dr. Ashigbey’s comments highlight the significant role the mining sector plays in Ghana's economy. The chamber revealed that total mineral revenues for 2024 reached $7 billion. Out of this, a total of 5 billion dollars, representing 70.8% of the total revenue was retained in the country, signifying the sectors willingness to promote socioeconomic development.

Also, the sector directly employs over 11,300 Ghanaians with only 69 expatriate employees.

Capital expenditure by the sector amounted to $973 million, bringing overall expenditure to $3.5 billion.

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more