Ghana Will Have First Right of Refusal to All Gold Mined in The Country -Bawumia
According to the Vice President, the government is also working to help acquire the necessary certification for refineries in the country as well as help set up more.
Mr. Bawumia made these statements while Speaking at the launch of a collaboration between the Accra Business School and South East Technological University, Ireland.
He noted that the Akufo Addo-led administration has been and will continue to implement forward-looking steps to ensure that Ghana is not buffeted unnecessarily by external economic shocks as is occurring right now across the world.
He emphasized that one of the measures is the right of first refusal for the purchase, at world market prices, of all gold mined in the country to build up the country’s gold reserves to ensure the stability of the currency.
“Notwithstanding being one of the big gold producers in the world, Ghana’s reserves of gold at the central bank at the end of 2021 was only 8.7 kilograms. It was against this background that the Bank of Ghana started a Gold purchase program from gold producers to build up its foreign exchange reserves.
“To enhance this program, Government will implement a new policy (which is already backed by law) under which the central bank (Bank of Ghana) will have first right of refusal for all gold mining in Ghana. The central bank will purchase the gold at world market prices and the mining companies will export the portion that is not purchased by the Bank of Ghana.
“Ultimately, once we accumulate enough gold, future borrowing and our currency can be backed by gold. This will stabilize the cedi long term,” The Vice President explained.
Commending the Accra Business School, the Vice President had this to say:
“The introduction of Information Technology into classrooms is a necessity for the government’s digitalization agenda.”
“It is the perfect match for knowledge-seekers everywhere as the world is brought to them with concision and wit; an opportunity to learn the language of the digital future and the digital economy.
“Information Technology education will help us in powering digital life by rethinking competition, capitalism, and the roots of collaboration between the public and private sectors… The widespread adoption of ICT can only be achieved through education. However, none of this can be achieved without a strong strategic center, making better use of data, and building capability across the state’s digitalization agenda.
“The role of IT education in an increasingly interconnected and interdependent world transcends geographical boundaries, economies, and sectors,” he emphasized.
“In this era of global integration, ICT becomes indispensable and embedded in everyday activities. The promises it offers seem limitless. It can provide governments, businesses, and citizens with access to relevant information and allow them to communicate to make informed decisions and enable more efficient processes and services to address various economic, social, financial, and educational needs.”
