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 for Finance and the Minister for Lands and Natural Resources as part of efforts to strengthen Ghana’s gold reserve accumulation strategy and promote local value addition.
Under the new arrangement, large-scale mining firms will sell 30 per cent of their gold production to GoldBod within Ghana in doré (raw gold) form at a discount rate of 0.55 per cent. All transactions will be conducted in Ghana cedis using the Bank of Ghana Reference Rate.
The agreement replaces the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines and is expected to play a critical role in the country’s long-term mineral value addition agenda.
According to the Government, the initiative has been strategically designed to support Ghana’s ambition of securing London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.
Under the framework, all doré gold acquired by GoldBod will be refined locally to maximise value retention within the country. The refined gold will subsequently be shipped to an LBMA-certified refinery for melting and stamping before being delivered to the Bank of Ghana to bolster the nation’s gold reserves.
The arrangement forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to build foreign reserves equivalent to 15 months of import cover by the end of 2028.
It also aligns with President John Mahama’s vision of eliminating raw mineral exports and ensuring greater local beneficiation of Ghana’s mineral resources by 2030.
Government indicated that further details of the Memorandum of Understanding (MoU), signed by the Ministry of Finance, Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana and the Ghana Chamber of Mines, will be made public on July 29, 2026.
