Tanzania Emulates Bawumia’s Domestic Gold Buying Policy

…As Minister Engages Delegation

The transformative works of the government in the mining sector, continues to make waves around the continent with several countries visiting Ghana, particularly the Ministry of Lands and Natural Resources, to understudy and assimilate Ghana’s success story.

The latest country to pay a knowledge-acquiring visit to Ghana is Tanzania, who have sent a three-member delegation to Ghana to engage the Government through the Ministry of Lands and Natural Resources and other relevant institutions on Ghana’s impressive situation.

On Tuesday, October 1, 2024, the Deputy Minister for Lands and Natural Resources responsible for Mines, George Mireku Duker, MP, hosted the delegation led by Archard Kalugendo, the Assistant Commissioner of Mines at the Tanzania Ministry of Minerals.

During the meeting, Mireku Duker, espoused the unique features of Ghana’s mining industry that makes a sustainable and revenue generation sector capable of funding key government initiatives.

He commended the Tanzanian Ministry for taking steps to learn from established and experienced industry like Ghana, noting that as an emerging giant in the mining sector, it is imperative that Tanzania, opens itself to knowledge sharing and support from countries like Ghana who are renowned for resource harnessing policies.

He disclosed that Ghana’s mining industry is currently on a path toward complete refinement of discovered resources and that it is an ambition of His Excellency, President Nana Addo Dankwa Akufo-Addo, to make Ghana the hub of value addition in the West African sub-region.

Mr Duker, revealed through the establishment of Ghana Integrated Aluminum Development Corporation (GIADEC), Ghana Integrated Iron and Steel (GIISDEC) and others, the dream is in the final stage of being actualized.

Gold For Oil

He also shed light on Gold for Oil (G4O) Programme, which has been a significant intervention in the efforts to strengthen against other currencies.

It is one of initiatives of the government introduced by the Vice President and presidential candidate of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, to use the existing Bank of Ghana (BoG) Domestic Gold Purchase (DGP) Programme to support the import of petroleum products into Ghana.

The key objective of the programme is to use additional foreign exchange resources from the BoG’s DGP programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about USD350 million per month.

The gold purchases are mainly through the Precious Minerals and Marketing Company (PMMC).

It is intended to free up foreign exchange resources to meet petroleum imports of the country, thereby reducing pressures on the Bank of Ghana’s foreign reserves and the banking sector emanating from the Bulk Import, Distribution and Export Companies (BIDECs) request for foreign exchange.

The programme, also aims to procure petroleum products at very competitive prices through Government-to-Government (G2G) arrangements.

The programme, will ensure that the cost of importing the products from international oil traders will always be comparatively lower.

The Deputy Minister commended the delegation for indicating their interest in learning from the innovative policy, noting that it could be a gamechanger in their economy.

Mr Duker, who doubles as Member of Parliament (MP) for Tarkwa-Nsuaem, assured the delegation and by extension other African countries of Ghana’s openness to share knowledge, resources and experience, with the aim of improving the sector.

The leader of the Tanzanian delegation, expressed gratitude to Mr Duker, for what he considers to be valuable tips and said Ghana, has a big brother role to play in helping African countries advance from mere mineral production to value addition.

He was, particularly excited with the value addition by Ghana and said that the time has come for African countries to chart the same path as Ghana, as it is the only the countries, can enjoy the full benefits of their resources.

Mr Archard Kalugendo, was in the company of Bahati Minja, ADFM, office of Treasury, Registrar and Joseph Ngulumwa- a Geologist Ministry of Minerals.

Source: Anchorghana.com