Effective 1 July, this year, Government, through the Ghana Gold Board, under the joint-direction of the Minister of Finance and Minister for Lands and Natural Resources, would buy 30% of the gold output of all large-scale mining companies in Ghana, an agreement between Gold Board and the Ghana Chamber of Mines has revealed.
Under the new agreement and unlike the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines, each large-scale mining company will sell 30% of their gold output to the GoldBod locally in Ghana, in doré (raw) form and at a discount of 0.55%.
All gold purchases under the new agreement will be in Ghana cedis and at to the Bank of Ghana Reference Rate.
According to Sammy Gyamfi, the Managing Director of GoldBod, the new arrangement has been strategically curated by Government to ensure that Ghana achieves LBMA accreditation for at least one local gold refinery by the year 2030.
All doré gold bought by the GoldBod would be refined locally to ensure local value retention, shipped to an LBMA refinery for melting and stamping and delivered to the Bank of Ghana as part of the country’s gold reserves.
This arrangement is in line with the Ghana Accelerated National Reserve Accumulation Program (GANRAP) aimed at building foreign reserves of 15-months of import cover by the end of the year 2028 and President Mahama’s vision of achieving zero raw mineral exports by the year 2030.
Other details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of mines would be published on Monday, 29th July, 2026.
