The Ghana Chamber of Mines has revealed that its member companies sold over 358,000 ounces of gold to the Bank of Ghana in 2024 under the domestic gold purchase programme.

The chamber says the initiative has significantly contributed to the appreciation of the cedi against the US dollar and strengthened the central bank's reserves.

Speaking at a press briefing, the Chief Executive of the Chamber Dr. Ken Ashigbey emphasized the commitment the chamber to supporting economic stability. 

"The strength of the cedi currently is based on gold, and it is also because, as an industry, we have this agreement where, last year, we sold 358,218 ounces of gold to the Bank of Ghana.”

The initiative has been instrumental in boosting the bank's position and, subsequently, strengthening the cedi. Dr. Ashigbey emphasized that the chamber will continue to support the BoG with voluntary foreign exchange and gold purchases, underscoring the industry's commitment to stabilizing the country’s forex market.

“We will continue to support the bank with voluntary forex and gold purchase initiative to boost the bank’s position and a strengthened cedi."

Dr. Ashigbey’s comments highlight the significant role the mining sector plays in Ghana's economy. The chamber revealed that total mineral revenues for 2024 reached $7 billion. Out of this, a total of 5 billion dollars, representing 70.8% of the total revenue was retained in the country, signifying the sectors willingness to promote socioeconomic development.

Also, the sector directly employs over 11,300 Ghanaians with only 69 expatriate employees.

Capital expenditure by the sector amounted to $973 million, bringing overall expenditure to $3.5 billion.