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 from July 1, 2026, was negotiated 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 reserves and enhance local value addition in the mining sector.
Under the new arrangement, each large-scale mining company will sell 30 per cent of its gold production to GoldBod in Ghana in doré (raw gold) form at a discount of 0.55 per cent.
Unlike the previous 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, all purchases under the new framework will be made in Ghana cedis using the prevailing Bank of Ghana Reference Rate.
Government officials say 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.
According to the agreement, all doré gold acquired by GoldBod will be refined locally to promote 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 as part of the nation’s gold reserve accumulation programme.
The arrangement forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to build foreign reserves capable of covering 15 months of imports by the end of 2028.
It also aligns with President John Dramani Mahama’s vision of ending the export of raw minerals by 2030 and increasing the country’s participation in the value chain of its natural resources.
The Memorandum of Understanding governing the agreement was signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines.
Government has indicated that further details of the agreement will be made public on July 29, 2026.
