GoldBod to buy 30% of gold from mining companies to increase national reserves and expand local refining

• Ghana will now buy 30% of gold output from large mining companies starting July 1, according to a report by Reuters.

• The policy is aimed at boosting Ghana’s foreign currency reserves and strengthening the national economy through increased gold accumulation.

• The deal also supports Ghana’s long-term plan to expand local gold refining and reduce reliance on foreign processing facilities.

Ghana has reached a new agreement with large-scale mining companies to purchase 30% of their gold output starting July 1, as part of a broader strategy to strengthen foreign currency reserves and expand domestic gold refining capacity.

READ ALSO: Ghana targets fuel export to West African neigbours as Pres. Mahama cuts sod for Phase II of the Sentuo Oil Refinery project

According to a report by Reuters, the policy forms part of Ghana’s ongoing effort to increase state control over gold purchases and build stronger financial buffers amid global economic uncertainty.

Ghana, Africa’s largest gold producer, first introduced a gold-buying programme in 2022 to support its foreign exchange reserves. Under the earlier arrangement, mining companies supplied about 20% of annual production to the central bank through agreements facilitated by the Ghana Chamber of Mines.

However, the government has now expanded the programme significantly. The Bank of Ghana’s gold holdings rose to 19.2 metric tons in February, reflecting increased accumulation under the scheme, according Reuters, citing data from the central bank.

In a major policy revision announced earlier this year, authorities set a long-term target of accumulating up to 157 metric tons of gold by 2028, equivalent to about 15 months of import cover.

READ ALSO: Top 10 Countries with the largest stock markets in the World in 2026: See list

Negotiations have also been ongoing with major mining firms operating in the country, including Newmont Corporation, Gold Fields, and Zijin Mining Group, to increase the volume of gold sold to the state.

Under the new arrangement, large-scale miners will be required to sell 30% of their output in dore form to a state-backed entity known as the Ghana Gold Board (GoldBod). 

The purchases will be priced at a 0.55% discount to the Bank of Ghana’s reference rate and settled in cedi.

The system is designed not only to strengthen reserves but also to support Ghana’s long-term goal of developing a domestic gold refining industry capable of meeting international standards.

Gold purchased under the programme will be refined locally before being exported to accredited London Bullion Market Association (LBMA) refineries for final processing and certification.

READ ALSO: Gov't declares Friday, July 3 a public holiday

The long-term aim is for at least one Ghanaian refinery to achieve LBMA accreditation by 2030.

GoldBod, which plays a central role in the initiative, already purchases all gold produced by artisanal and small-scale miners, a sector that contributes significantly to Ghana’s total output.