Ghana orders mining firms to sell 20% of refined gold to c.bank

Ghana has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday.

The move is part of measures to operationalize a government plan to use gold to buy oil products announced on Thursday by Bawumia. It is meant to tackle dwindling foreign currency reserves. "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," the vice president's post on Facebook on Friday said.

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