Ghana will begin purchasing 30 percent of the gold produced by the country’s large-scale mining companies from July 1 under a new agreement aimed at strengthening foreign exchange reserves and expanding domestic gold refining, the government said on Thursday.
The agreement marks a significant increase from the previous arrangement under which mining companies supplied 20 percent of their annual gold output to the central bank.
Under the new framework, large-scale miners will sell 30 percent of their gold production in dore form to the state-owned Ghana Gold Board (GoldBod), which has taken over responsibility for the country’s domestic gold purchasing programme.
The purchases will be made at a discount of 0.55 percent to the Bank of Ghana’s reference price and paid for in Ghanaian cedis, according to a government statement.
The agreement was reached with mining companies through the Ghana Chamber of Mines and forms part of the government’s strategy to increase national gold holdings, reduce dependence on foreign currencies and strengthen economic resilience against external shocks.
Ghana, Africa’s largest gold producer, launched its domestic gold purchasing programme in 2022 as central banks around the world increased bullion acquisitions amid rising global uncertainty and strong gold prices.
According to Bank of Ghana data, the country’s official gold reserves reached 19.2 metric tonnes in February.
Earlier this year, the government announced plans to significantly expand the programme, targeting gold reserves of up to 157 metric tonnes by 2028, equivalent to approximately 15 months of import cover.
To support that objective, authorities entered negotiations with major international mining companies operating in Ghana, including Newmont, Gold Fields and China’s Zijin Mining, seeking a larger share of locally produced bullion.
Beyond boosting reserves, the revised programme is intended to accelerate the development of Ghana’s domestic gold refining industry.
The government said the arrangement would help the country secure accreditation from the London Bullion Market Association (LBMA) for at least one local refinery by 2030.
Under the plan, gold acquired by GoldBod will first be refined in Ghana before being exported to an LBMA-accredited refinery for final melting and stamping, allowing it to meet international standards before being transferred into the Bank of Ghana’s reserves.
GoldBod already purchases the entire output of Ghana’s artisanal and small-scale gold mining sector as part of broader efforts to formalise the industry and improve oversight of the country’s gold trade.
Officials say increasing official gold reserves will strengthen Ghana’s financial buffers, enhance confidence in the economy and provide an additional source of foreign exchange, as bullion can be sold on international markets to generate hard currency when needed.
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The initiative also reflects a wider global trend, with central banks increasingly diversifying reserve assets by adding gold to their portfolios as protection against currency volatility and geopolitical uncertainty.
