Gold Purchasing Programme: Central Bank buys 26,000 ounces of gold from Newmont
The Central Bank, under its Domestic Gold Purchasing Programme has purchased some 26,000 ounces of gold from gold mining firm, Newmont Africa.
Making the disclosure at a press soiree in Sunyani, Director of Communications at Newmont Africa, David Johnson, noted the gold purchases were made between May and November this year.
In May this year, Newmont Ghana announced that it had successfully sold 3,500 ounces of gold to the BoG, making the mining company the first to respond to the programme.
Subsequently, the firm has sold 22,500 ounces to the BoG between October and November this year.
The BoG’s domestic gold purchasing programme was launched in June 2021 with the primary objective of increasing its gold reserves. Subsequently, the Central Bank initiated discussions with the Ghana Chamber of Mines about its intention to purchase refined gold from mining companies in the country.
While mining companies in Ghana were prepared to support the programme, there was the need to ensure that the initiative met the governance, risk, compliance, and supply chain requirements of their various companies.
According to Newmont, it proactively engaged the BoG on the governance, risk, compliance, and supply chain requirements associated with the deal, after which it signed an agreement that met all the requirements of both parties in December 2021.
Under the programme, the Central Bank is requiring an estimated amount of 10koz of gold annually from members of the Chamber of Mines over the next four to five years.
“Newmont will provide about 30% of the required amount annually, based on its market share within the mining industry in Ghana. The company’s first sale of refined gold occurred in May 2022 following on meeting of the terms and conditions in the agreement reached”, an earlier statement by Newmont said.
