Mining companies pledge gold sales to augment Ghana's foreign reserves

By UnreguserXu Zheng

ACCRA, Sept. 24 (Xinhua) -- Mining companies in Ghana have pledged to sell at least 125,000 ounces of gold to Ghana's central bank in the last quarter of this year to augment the country's foreign reserves, a statement said Saturday.

The statement issued by the Ghana Chamber of Mines said the gold sales would be under the Bank of Ghana's domestic gold purchase program against the backdrop of the country's weakening foreign exchange position.

The Bank of Ghana will purchase a portion of the gold output of all the gold mining companies at world market price but pay for them in Ghanaian currency, it said.

It added this arrangement was to augment Ghana's foreign exchange reserves over time and strengthen the country's balance of payments position.

"As a good corporate citizen, the chamber supports the program, and it will be mutually beneficial to all stakeholders," said Joshua Mortoti, president of the chamber.

Ghana is currently Africa's second-largest gold producer with 2.8 million ounces of gold in 2021.

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