The Government of Ghana has entered into an agreement with the Ghana Chamber of Mines to purchase 30 per cent of gold produced by all large-scale mining companies operating in the country, beginning July 1, 2026.
The arrangement, facilitated through the Ghana Gold Board (GoldBod) under the oversight of the Ministry of Finance and the Ministry of Lands and Natural Resources, forms part of a broader strategy to strengthen national gold reserves and improve foreign exchange stability.
Under the new framework, mining companies will be required to sell the specified portion of their gold output to GoldBod in doré (raw gold) form at a discounted rate of 0.55 per cent. All transactions will be conducted in Ghana cedis, using the Bank of Ghana Reference Rate, marking a shift from previous arrangements that were largely dollar-based.
Officials say the policy is designed to increase local value retention and enhance Ghana’s ability to build its gold reserves through domestic acquisition and refining processes.
As part of the plan, all purchased doré gold will be refined locally before being sent to London Bullion Market Association (LBMA)-accredited refineries for final processing and certification. The refined gold will then be handed over to the Bank of Ghana as part of efforts to strengthen the country’s reserve holdings.
The initiative also supports Ghana’s broader macroeconomic strategy under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by 2028.
Government officials believe the agreement will help stabilise the local currency, improve reserve accumulation, and position Ghana for eventual LBMA accreditation for a domestic refinery by 2030.
