{"id":1114368,"date":"2022-06-08T09:53:40","date_gmt":"2022-06-08T09:53:40","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/06\/08\/newmont-sells-gold-to-bog-to-boost-countrys-reserves\/"},"modified":"2022-06-08T09:53:40","modified_gmt":"2022-06-08T09:53:40","slug":"newmont-sells-gold-to-bog-to-boost-countrys-reserves","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/06\/08\/newmont-sells-gold-to-bog-to-boost-countrys-reserves\/","title":{"rendered":"Newmont sells gold to BoG to boost country&#8217;s reserves"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"413\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/04\/image-44-696x413.png\"   alt=\"Gold Bars\" title=\"File photo: Gold Bars\"\/><figcaption class=\"wp-caption-text\">File photo: Gold Bars<\/figcaption><\/figure>\n<\/div>\n<p>Newmont Ghana has announced that it has successfully sold 3,500 ounces of gold to the Bank of Ghana (BoG) under the central bank\u2019s Domestic Gold Purchasing programme launched in June 2021.<\/p>\n<p>A statement from the mining company said it went through the transaction with the Central Bank as part of efforts by the BoG to increase its gold reserves.<\/p>\n<p>\u201cBy this, we become the first mining company to respond to the Central Bank\u2019s novel initiative which is a very significant milestone in the fiscal history of the country,\u201d the statement said.<\/p>\n<p>The BoG\u2019s domestic gold purchasing programme was launched in June 2021 with the primary objective of increasing its gold reserves. Subsequently, the Central Bank initiated discussions with the Ghana Chamber of Mines about its intention to purchase refined gold from mining companies in the country.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>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.<\/p>\n<p>According to Newmont, it proactively engaged the Bank of Ghana on the governance, risk, compliance, and supply chain requirements associated with the deal, after which it signed an agreement that met all the requirements of both parties in December 2021.<\/p>\n<p>Under the programme, the Central Bank is requiring an estimated amount of 10koz of gold annually from members of the Chamber of Mines over the next four to five years.<\/p>\n<p>\u201cNewmont will provide about 30% of the required amount annually, based on its market share within the mining industry in Ghana. The company\u2019s first sale of refined gold occurred in May 2022 following on meeting of the terms and conditions in the agreement reached,\u201d the statement said.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"jfReOx4JLT4\"><iframe loading=\"lazy\" title=\"Badwam Media Review on Adom TV (8-6-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/jfReOx4JLT4?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>File photo: Gold Bars Newmont Ghana has announced that it has successfully sold 3,500 ounces of gold to the Bank of Ghana (BoG) under the central bank\u2019s Domestic Gold Purchasing programme launched in June 2021. A statement from the mining company said it went through the transaction with the Central Bank as part of efforts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1058493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1084,1411,5818,430,16227,13918,7376],"class_list":["post-1114368","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bog","tag-boost","tag-countrys","tag-gold","tag-newmont","tag-reserves","tag-sells"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1114368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1114368"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1114368\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1114368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1114368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1114368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}