Ghana’s central bank set to push through cedi-for-gold plan, mining chamber says

Gold miners in Ghana will start transacting with the central bank in cedi “in the very near term”, Koney says. “The miners are not kicking against it.”

In June, the Bank of Ghana launched a gold buying programme, which aims to double its holdings over the next five years. Bank of Ghana governor Ernest Addison said the plan [would] help to grow the country’s foreign exchange reserves and that he was working with the Ghana Chamber of Mines to secure industry agreement. Those discussions have led to “significant progress” made towards the adoption of cedi payments, Koney says.

Every company has its own circumstances which will complicate the process, and some companies are further ahead than others in their discussions with the central bank, Koney says. “It won’t be a walk in the park.” Each company will be able to start selling in cedi to the bank, according to its own timetable, he says.