<\/p>\n
The government has directed<\/span><\/span> all large-scale mining companies <\/span><\/span>to <\/span><\/span>sell 20 percent <\/span><\/span>of all refined gold <\/span><\/span>to the Bank of Ghana. <\/span><\/span><\/p>\n A<\/span><\/span>ll<\/span><\/span> Community Mining Schemes <\/span><\/span>are <\/span><\/span>also <\/span><\/span>expected to <\/span><\/span>sell their gold outputs to <\/span><\/span>the g<\/span><\/span>overn<\/span><\/span>ment<\/span><\/span>.<\/span><\/span><\/p>\n The government has also ordered small-scale miners to sell their gold to the state-owned Precious Minerals Marketing Company.<\/p>\n The directive will be effective Jan. 1, 2023, the Minister for Lands and Natural Resources, Samuel Jinapor, said in a notice posted on Vice President Mahamudu Bawumia\u2019s Facebook page.<\/p>\n \u201cThe gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at a spot price with no discounts.\u201d<\/span><\/span><\/p>\n \u201cThese directives would also help local gold refineries obtain gold supplies from PMMC to support their operations as they work toward obtaining the required London Bullion Market (LBMA) certification,\u201d the Minister explained.<\/p>\n The Chief Executive Officer of the Ghana Chamber of Mines, Sule<\/span><\/span>mana<\/span><\/span> Konneye,<\/span><\/span>\u00a0explained to <\/span><\/span>Citi News<\/span><\/span><\/strong> the objective these measures are intended to achieve.<\/span><\/span><\/p>\n \u201cOur member companies have agreed to work with the Bank of Ghana starting this year. We have a target for next year which is under consideration. I can\u2019t tell if these member companies will be committed to the 20% as it is still under consideration but the general programme has been accepted by the industry.\u201d<\/p>\n \u201cFor the quantum, the mining companies we are yet to reach an agreement on it and will communicate in due course.\u201d<\/p>\n