The government has identified the Gold for Oil programme, operated through the Precious Minerals Marketing Company (PMMC), or Gold Board, as a pivotal policy responsible for the recent strength of the Ghanaian Cedi.
According to Government Spokesperson Felix Kwakye Ofosu, the initiative has formalised gold exports and directly boosted foreign exchange reserves.
“We came in and noticed that people were exporting gold that didn’t go through any formal channel… and the funds that should be realised do not come to this country,” Kwakye Ofosu explained in an interview on Joy Prime monitored by MyNewsGh.
“This is an innovative policy that ensures that the Gold Board keeps track of the gold that is produced in Ghana.”
He directly linked the programme to the currency’s appreciation, which he said is “at the heart of the cost of living crisis.”
The spokesperson also forcefully rejected allegations from some critics, including educationist Professor Stephen Adei, that the Gold Board is legalizing illegal mining, or ‘galamsey’.
“That is mere speculation regrettably from the good professor. He himself hasn’t provided any basis… he hasn’t shown us any proof,” Kwakye Ofosu said.
“The Gold Board has consistently refuted this claim… They buy from licensed small-scale miners. Small-scale mining is a lawful activity.”
