The Government of Ghana, through the Ghana Gold Board (GoldBod), has reached a landmark agreement with the Ghana Chamber of Mines to purchase 30 per cent of the gold output of all large scale mining companies operating in the country.
The agreement, which takes effect on July 1, 2026, was concluded under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources as part of efforts to strengthen Ghana’s gold reserve accumulation strategy and deepen local value addition.
Under the arrangement, mining companies will sell 30 per cent of their gold production to GoldBod in doré form within Ghana at a discount of 0.55 per cent. All transactions will be conducted in Ghana cedis using the Bank of Ghana Reference Rate.
Government said the new framework differs significantly from the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines.
According to the agreement, all doré gold acquired by GoldBod will be refined locally before being shipped to a London Bullion Market Association accredited refinery for melting and stamping. The refined gold will then be delivered to the Bank of Ghana to support the country’s reserve holdings.
Officials said the arrangement has been “strategically curated” to help Ghana secure London Bullion Market Association accreditation for at least one local refinery by 2030.
Supporting Reserve Growth and Industrialisation
The initiative forms part of the Ghana Accelerated National Reserve Accumulation Programme, which seeks to increase foreign reserves to cover 15 months of imports by the end of 2028.
The agreement also aligns with President John Dramani Mahama’s vision of eliminating raw mineral exports by 2030 and promoting value addition within the mining sector.
Government noted that the policy marks a significant shift toward retaining more value from Ghana’s mineral resources while strengthening foreign exchange reserves and supporting long term economic stability.
Further details of the Memorandum of Understanding signed by the Ministry of Finance, Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana and the Ghana Chamber of Mines are expected to be released on July 29, 2026.
READ ALSO: Fitch Raises Ghana's 2026 Growth Forecast to 5.7% After Robust Q1 Performance
