The objective of the Bank of Ghana's gold purchasing programme was to increase its gold reserves.

The Bank, therefore, entered discussions with the Chamber or Mines about its intentions to purchase refined gold from mining companies in the country.

Newmont said it engaged the Central Bank on the governance, compliance, risk and supply chain requirements associated with the deal and agreement was signed culminating in the first sale of refined gold in May 2022.

Overall, the Central Bank is seeking to buy from the mining companies 10,000 ounces of gold annually over the next four to five years.

Newmont has pledged to provide 30 per cent of the required amount annually based on its market share within the mining industry in Ghana.