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Bank of Ghana launches gold purchase programme
Vice President Dr. Mahamudu Bawumia has indicated that government in collaboration with the Bank of Ghana will commence a deliberate gold purchase programme targeted at buying gold from the responsible small-scale mining sector.
The development according to the vice president comes after several engagements with the central bank in a bid to boost domestic gold purchase efforts.
Speaking at the maiden edition of the Responsible Small Scale Mining Awards in Accra on December 20, 2021, Dr Bawumia touted the programme as a game-changer in the small scale mining sector as purchases made will go towards boosting the country’s gold reserves.
“As we all know, Ghana’s Gold production has increased significantly over the past few decades making it the leading Gold producer in Africa. The contribution of Small-Scale Mining to this trend is commendable. Currently, it is estimated that the Small-Scale Mining contributes about 35% to Ghana’s total Gold production and 35% is huge.”
He further pointed that despite some advantages from small scale mining, there remains a huge environmental risk if such activities are conducted illegally.
Meanwhile, Ghana is currently the largest producer of gold in Africa with South Africa being the second-largest producer on the continent.
Gold is also one of Ghana’s biggest export commodities.