Member companies of the Ghana Chamber of Mines sold a total of 358,218 ounces of gold to the Bank of Ghana (BoG) in 2024 under the Domestic Gold Purchase Programme—an intervention that significantly boosted the central bank’s reserves and contributed to the cedi’s resilience against the US dollar.
Speaking at a press briefing, Chief Executive Officer of the Chamber, Ing. Dr. Kenneth Ashigbey, emphasized the mining industry’s unwavering commitment to supporting macroeconomic stability through strategic collaboration with the BoG.
“The strength of the cedi today is predominantly based on gold. As an industry, we have an agreement through which, last year, we sold 358,218 ounces of gold to the Bank of Ghana under the Domestic Gold Purchase Programme,” he said.
Beyond the domestic programme, Dr. Ashigbey highlighted the industry’s active participation in the Voluntary Forex and Gold Purchase Initiative, which has further enhanced the central bank’s foreign exchange position and helped cushion the local currency against external shocks.
“We also continue to support the Bank through the Voluntary Forex and Gold Purchase Initiative, which has boosted its reserve position and helped strengthen the cedi,” he noted.
He called attention to the broader impact of these efforts, underscoring the dual benefit for both national economic management and the long-term viability of the mining sector.
“It’s important that we highlight these efforts and how they support both the national economy and our industry,” he added.
The Chamber’s contribution comes at a time when Ghana is intensifying its efforts to stabilize the economy, restore investor confidence, and reduce reliance on external support.
