Natural Resource Minister issues new directives to miners

As part of measures to operationalize the Government’s use of gold to purchase oil products, the Minister for Lands and Natural Resources, Samuel Abu Jinapor has just issued the following directives:

1. Effective 1st January, 2023, all large scale mining companies (as agreed with the Bank of Ghana) shall sell twenty percent (20%) of all refined gold at their refineries to the Bank of Ghana (in Ghana Cedis) before the export of the gold. The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large scale mining companies to ensure compliance with this directive.

2. Effective 1st January, 2023, all Community Mining Schemes (CMS) shall sell their gold outputs to Government through PMMC. All mining licences for CMS shall include a clause mandating licensees to sell their gold output to Government.

3. Effective 1st January, 2023, all Licensed Small Scale Gold Miners shall sell their gold to Government through PMMC. All small scale gold mining licences shall include a clause mandating licensees to sell their gold to Government.

4. The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at spot price with no discounts.

According to the Minister, the 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.

Source; Eric Nii Sackey