Business News of Thursday, 23 December 2021
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 responsibile small scale mining sector.
The development according to the vice president comes after several engagements with the central bank.
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 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.
Ghana and South Africa almost account for 50% of the world’s gold supply.