Economy

Newmont Ghana completes first gold sale to Bank of Ghana

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Newmont Ghana has successfully sold 3,500 Koz of gold to the Bank of Ghana, the nation’s central bank, in its first domestic gold purchasing programme.

“We are very excited to be part of this historic transaction and to be able to contribute our quota yet again towards the economic development of this country. This is a great example of how mining is critical to national development and we are happy to be blazing the trail as the country’s leading gold producer,” Dave Thornton, Regional Senior Vice President, Newmont Africa said.

Launched in June 2021, the Bank of Ghana (BOG) domestic gold purchasing programme intends to increase the nation’s gold reserves as a means of maintaining economic stability in the country, with the intention to purchase refined gold from mining firms within the country.

Newmont Ghana anticipates that its leadership in the gold sale agreement will be emulated by other mining firms in the country, as the company continues its commitment to value creation and contributing toward maintaining the fiscal stability of the country.

In 2021, the company paid GH¢1.86M in taxes and royalties to the government of Ghana and paid GHc574M in similar taxes in the first quarter of 2022.

Newmont Ghana’s community foundations in its Ahafo and Akyem mines’ host communities have accrued over $54.2m and made notable contributions in the areas of human resource development, infrastructure development and micro-credit financing support.

“We will continue to partner with all stakeholders to create more value for our communities and the Region through sustainable and responsible mining,” Mr. Thornton added.

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