Ghana's mining companies are committed to selling gold to increase the country's foreign exchange reserves. According to a statement released on Saturday by the Ghana Chamber of Mines, the gold sales will take place under the Bank of Ghana's national gold buying program in the context of the country's weakening foreign exchange position.

Ghana's mining companies have committed to selling at least 125,000 ounces of gold to the Central Bank of Ghana during the last quarter of this year to increase the country's foreign exchange reserves. According to the statement, the gold sales will take place under the Bank of Ghana's national gold purchase program in the context of the country's weakening foreign exchange position.

The Bank of Ghana will buy part of the gold production of all gold mining companies at world market prices, but will pay for them in Ghanaian currency, according to the Press release, adding that this arrangement aims to increase Ghana's foreign exchange reserves over time and to strengthen its balance of payments position.