Neither the Ghana chamber of mines nor Gold Fields Ghana were formally approached on Gold for oil policy.

According to Gold Fields spokesperson: Neither the Ghana chamber of mines nor Gold Fields Ghana were formally approached on order to sell 20% of gold to Ghana’s central bank.

The Vice President of Ghana, Dr. Mahamudu Bawumia, on his Facebook page, shared a new revealing bater trade policy.

where oil products will be purchased with the nation’s gold rather than with US dollars from the reserves.

One of the most significant developments in Ghana’s economic strategy since independence is said to be the bartering of responsibly mined gold for oil.

By the end of the first quarter of 2023, this new framework is anticipated to be completely operational.

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

“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.”

“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.”

“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.”

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

These 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.”

The Vice president posted on his Facebook wall.