Ghana targets gold reserves boost with new plan to buy 30% annual gold output from miners

• Ghana wants large-scale mining companies to sell 30% of their annual gold production to the Bank of Ghana, up from the previous 20% agreement.

• According to Reuters, the move forms part of efforts to increase Ghana’s gold reserves, stabilise the cedi and strengthen the country’s economy.

• Mining companies say negotiations on pricing, discounts and implementation timelines are still ongoing, with no final agreement reached yet.

The Government of Ghana is asking large-scale gold mining companies to sell more of their gold to the Bank of Ghana as part of efforts to strengthen the country’s gold reserves and support the Ghana cedi.

According to Reuters, Ghana now wants industrial mining firms to sell 30% of their annual gold production to the central bank, up from the previous 20% agreement reached in 2022.

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Simply, the government wants to keep more gold inside the country instead of allowing all of it to be exported abroad. The gold would then be stored by the Bank of Ghana as part of the country’s financial reserves.

Central banks around the world have increasingly been buying gold in recent years because gold is seen as a safer asset during periods of economic uncertainty and rising inflation.

Ghana started its domestic gold purchase programme in 2022 during the country’s economic crisis.

The policy was introduced to help stabilise the cedi, reduce pressure on foreign exchange reserves and strengthen the economy after it secured a bailout programme from the International Monetary Fund.

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Reuters reported that Ghana’s gold reserves rose to 19.2 metric tons in February 2026, according to Bank of Ghana data.

It is believed that growing reserves have helped improve confidence in the economy and support the local currency.

The central bank now wants to increase reserves further under a revamped programme targeting up to 157 metric tons of gold by 2028, which is enough to cover about 15 months of imports.

Paul Bleboo, head of the Bank of Ghana’s Gold Management programme, told Reuters that the central bank plans to negotiate for 30% of annual production from industrial miners.

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However, mining companies say important discussions are still ongoing. Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, told Reuters that negotiations over pricing and discounts “are not straightforward” and no final agreement has been reached yet.