The Ghana Chamber of Mines sold over 350,000 ounces of gold to the Bank of Ghana (BoG) in 2024 under the Domestic Gold Purchase Programme.
The chamber stated that the move significantly strengthened the BoG’s reserves and contributed to the appreciation of the Ghana cedi against the US dollar.
Speaking at a press briefing on July 23, 2025, the Chief Executive Officer, Dr Ken Ashigbey, said the industry remains committed to helping maintain currency stability.
“The strength of the cedi today is predominantly based on gold. As an industry, we have an agreement through which, last year, we sold 358,218 ounces of gold to the Bank of Ghana under the Domestic Gold Purchase Programme,” he said.
Dr Ashigbey mentioned ongoing support for BoG through another initiative, the Voluntary Forex and Gold Purchase initiative to increase reserves and help strengthen the cedi.
“We also continue to support the Bank through the Voluntary Forex and Gold Purchase Initiative, which has boosted its reserve position and helped strengthen the cedi,” he added.
He also stressed the importance of projecting these efforts for both the economy and industry.
SP/VPO
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