Ghana is set to replace the Bank of Ghana’s reference rate with the international Bloomberg rate for gold transactions as the government moves to make gold pricing more market-driven and strengthen the country’s foreign reserve accumulation.
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Atta Issah, Member of Parliament for Sagnarigu and a member of the Finance Committee, said the new pricing system would apply to transactions involving commercial banks, the Ghana Gold Board (GoldBod), off-takers and small scale miners.
“The lesson learnt here is that there won’t be any incentive for us to use the BoG rate as reference,” Issah said.
“The bankers, GoldBod and the off-takers will do a direct negotiation with small-scale miners, and no BoG rate will be needed.
