A Tanzanian delegation from the Ministry of Minerals is currently in Ghana to study the country’s Gold Purchase Programme, with the intention of implementing a similar initiative in Tanzania.
Led by Mr. Archard Kalugendo, Assistant Commissioner for Minerals, the three-member team paid a courtesy visit to Mr. George Mireku Duker, Deputy Minister of Lands and Natural Resources responsible for Mines, in Accra.
Mr. Kalugendo noted that the Tanzanian government has recently enacted legislation requiring all mining companies operating in the country to sell approximately 20% of the gold they produce to the government for value addition.
Despite facing resistance from some mining firms and civil society organizations, he emphasized the government’s commitment to enforcing this legislation.
He expressed the belief that maintaining sufficient gold reserves could help stabilize the local currency and combat its frequent depreciation.
The delegation has already met with officials from the Bank of Ghana (BoG) and plans to engage with various agencies under the Ministry of Lands and Natural Resources.
During their discussions, Mr. Mireku Duker highlighted the unique aspects of Ghana’s mining industry, which has generated sustainable revenue to support key government initiatives. He praised the Tanzanian government for its initiative to learn from Ghana’s established industry practices.
As Tanzania emerges as a significant player in the mining sector, Mr. Duker underscored the importance of embracing knowledge-sharing opportunities.
He explained that Ghana’s mining industry is advancing towards value addition, which has been bolstered by a law mandating that 30% of locally produced gold be sold to the Bank of Ghana for refining purposes.
“This is part of the government’s broader ambition to position Ghana as the hub for value addition in the West African sub-region,” he stated.
He also discussed the Gold for Oil policy, highlighting its significant impact on strengthening the local currency.
He commended the Tanzanian delegation for their interest in this innovative policy, suggesting it could be a transformative strategy for their economy.
The Deputy Minister assured the delegation of Ghana’s willingness to share knowledge and experiences with them.
Mr. Kalugendo was accompanied by Mr. Bahati Minja from the Office of the Treasury Registrar and Joseph Ngulumwa, a Geologist from the Ministry of Minerals.
