Ghana is seeking to increase its mandatory gold purchases from large-scale miners to 30 percent of annual output, stepping up efforts to rebuild foreign reserves and stabilise its currency, according to a central bank official.
The proposal, which remains under negotiation with mining companies, would raise the existing requirement from 20 percent under the country’s gold acquisition programme introduced in 2022.
Under the plan, miners would be required to sell the increased share of production to the central bank in doré form an unrefined gold product to improve traceability and strengthen oversight of export flows.
“This time, we intend to negotiate for 30 percent of annual production from industrial miners … with the entire 30 percent to be delivered in doré form,” said Paul Bleboo, head of the Bank of Ghana’s Gold Management programme.
The initiative forms part of Ghana’s broader strategy to expand gold reserves to about 157 tonnes by 2028, equivalent to roughly 15 months of import cover, as the West African nation seeks to bolster external buffers after a prolonged economic crisis.
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Ghana, Africa’s largest gold producer, has increasingly relied on bullion accumulation to stabilise the cedi and strengthen its balance of payments position. Central bank gold holdings rose to 19.2 tonnes in February, according to official data.
However, tensions have emerged between policymakers and the mining industry over pricing terms, delivery requirements and implementation timelines.
Industry representatives say key commercial details remain unresolved, particularly around proposed discounts on purchases and the treatment of by-products such as silver.
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A mining executive said companies oppose what they describe as volume-based discounts and argue that valuation rules for secondary minerals remain unclear.
“There are ongoing discussions, and no agreement has been reached,” said Ghana Chamber of Mines chief executive Kenneth Ashigbey.
The central bank has defended a proposed discount of under 1 percent on gold purchases, arguing that it reflects refining, transport and purity costs associated with converting doré into tradable bullion.
Officials also say the policy is essential to sustain reserve accumulation efforts, even as the Bank of Ghana reported operating losses of about 15.6 billion cedis (US$1.37 billion) in 2025, largely linked to monetary tightening and gold acquisition costs.
Ghana’s revamped programme includes the creation of a centralised export structure, with state-backed GoldBod acting as a gatekeeper for all gold exports. Authorities say the system is designed to improve transparency and ensure better tracking of production volumes and foreign exchange inflows.
Where companies export directly, the central bank plans to retain a portion of shipments to ensure compliance with the new framework.
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But mining companies have warned that the proposed increase from 20 to 30 percent may strain operational planning, especially as existing contracts and production forecasts were built around earlier agreements.
They have also suggested a gradual transition to higher offtake levels rather than an immediate increase, citing cost pressures and investment planning concerns.
Despite disagreements, both sides have expressed willingness to continue negotiations, as Ghana seeks to strengthen its macroeconomic stability through higher gold-backed reserves amid global demand for safe-haven assets.
Analysts say the outcome of the talks could significantly shape Ghana’s gold sector policy, with implications for investment flows, export earnings and the country’s broader economic recovery strategy.
