Ghana to start buying 30% of large gold mines’ ouput from June

Ghana’s central bank said it plans to increase gold purchases from the West African nation’s large-scale producers to 30% of their output from 20%, starting June 1.

The Bank of Ghana, which has been buying 20% of refined gold from mining firms with cedis for its reserves, has finalised negotiations to lift that to 30% of their doré or unrefined gold, Paul Bleboo, who heads gold management at the regulator, said by phone.

The decision to switch to doré gold will help boost local processing capacity and job creation, he said, adding that the parties have agreed to a 0.6% price discount.

Accra-based Gold Coast Refinery will process the doré gold to refined gold before shipping to the South Africa-based Rand Refinery for London Bullion Market Association certification, Bleboo said.

Africa’s top gold producer in 2022 ordered mining firms, including South Africa’s Gold Fields, UK-based AngloGold Ashanti Plc and American miner Newmont to start selling part of their output to the central bank to help boost reserves and support the local currency.

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