{"id":94454,"date":"2025-09-16T22:18:06","date_gmt":"2025-09-16T22:18:06","guid":{"rendered":"https:\/\/sotnews.agency\/?p=94454"},"modified":"2025-09-16T22:18:06","modified_gmt":"2025-09-16T22:18:06","slug":"mining-firms-resume-dollar-auction-to-commercial-banks","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=94454","title":{"rendered":"Mining firms resume dollar auction to commercial banks"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 33 Second <\/div>\n\n <\/div>
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Mining firms have resumed selling some of their dollar earnings from gold exports to commercial banks.<\/p>\n

The move follows a directive from the Bank of Ghana requiring mining companies to sell their export proceeds to commercial banks instead of the Central Bank.<\/p>\n

President of the Ghana Chamber of Mines, Michael Akafia, disclosed this in an interview with JOYBUSINESS\u2019 George Wiafe on PM Express Business Edition<\/em>.<\/p>\n<\/p>\n

Impact on forex liquidity<\/strong><\/p>\n

Mr Akafia noted that the move has significantly helped to ease the recent forex liquidity challenges faced by commercial banks.<\/p>\n

\u201cHave you seen the commercial banks complain recently that they don\u2019t have enough dollars? Our action is helping,\u201d he said.<\/p>\n

He further highlighted that the mining sector\u2019s participation in the Domestic Gold Purchase Programme has also contributed significantly to strengthening the Bank of Ghana\u2019s reserves.<\/p>\n

According to the Ghana Chamber of Mines\u2019 Publish What You Pay Report for 2024<\/em>, the sector generated US$7.05 billion in mineral revenue in 2024. <\/p>\n

Out of this, US$4.99 billion\u2014representing 70.8 percent\u2014was returned to Ghana\u2019s economy through direct payments, procurement, wages, and social contributions.<\/p>\n<\/p>\n

BoG Directive<\/strong><\/p>\n

Bank of Ghana Governor Dr John Asiama explained in an interview with JOYBUSINESS that the directive was formally issued to the mining companies in August 2025.<\/p>\n

He said the decision is aimed at boosting interbank forex trading and improving liquidity in the banking sector.<\/p>\n

\u201cWe are hoping that this will provide additional forex support to the commercial banks in addition to what the Bank of Ghana will do,\u201d Dr Asiama said.<\/p>\n<\/p>\n

Background<\/strong><\/p>\n

The BoG has recently announced a set of measures to stabilise the cedi and curb inflation.<\/p>\n

Among these measures is collaboration with mining firms, international oil companies, and their bankers to ensure that all foreign exchange from the voluntary repatriation of export proceeds is channelled through the local market.<\/p>\n<\/div>\n

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