Government reaches deal with more gold miners

Ghana has reached a deal with nine more mining companies to purchase 20% of their gold production, said a government body, according to TimesLIVE. The deal aims to consolidate a gold purchase programme meant to boost the country's gold reserves and stabilise its currency. Africa's top gold producer signed an agreement with members of an industry group that included Gold Fields, Newmont, AngloGold Ashanti and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency. The new deal covers mining companies not participating in the central bank's arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling. Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by US President Donald Trump's tariffs and geopolitical uncertainty. ‘Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,’ the GoldBod statement said.

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