Member companies of the Ghana Chamber of Mines sold 358,218 ounces of gold to the Bank of Ghana (BoG) in 2024 under the Domestic Gold Purchase Programme.

According to the Chamber, the move significantly strengthened the BoG’s reserves and contributed to the appreciation of the cedi against the US dollar.

At a press briefing, Chief Executive Officer of the Chamber, Ing. Dr. Kenneth Ashigbey, said the industry remains committed to helping maintain currency stability.

“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.

“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.

“It’s important that we highlight these efforts and how they support both the national economy and our industry,” he added.