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Gold Miners Ordered to Sell 20% of Refined Bullion to Ghana

  • Ghana will buy gold from companies in domestic currency
  • Cedi dropped 57% this year, making it world’s worst performer
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Ghana, Africa’s second-largest gold producer, ordered large mining companies to sell 20% of the metal they refine to the nation’s central bank, as the government embarks on a plan to barter bullion for fuel.

The directive will be effective Jan. 1, Minister for Lands and Natural Resources Samuel Jinapor said in a notice posted on Vice President Mahamudu Bawumia’s Facebook page. The government also ordered small-scale miners to sell their gold to the state-owned Precious Minerals Marketing Co. Bawumia said on Thursday the government was planning to use bullion to buy fuel.