Ghana secures 30% gold output deal for reserve accumulation plan

The Government of Ghana, through the Ghana Gold Board (GoldBod), has reached a major agreement with the Ghana Chamber of Mines to purchase 30% of the gold output of all large-scale mining companies in the country, effective July 1, 2026.

The arrangement, which is being implemented under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources, forms part of a broader national strategy to strengthen Ghana’s foreign reserves and expand local value addition in the mining sector.

According to an official statement, “the Government of Ghana through the Ghana Gold Board, working under the joint-direction of the Minister of Finance and Minister for Lands and Natural Resources, has reached a landmark agreement with the Ghana Chamber of Mines to buy 30% of the gold output of all large-scale mining companies in Ghana.”

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Under the new framework, mining companies will be required to sell their gold in doré (raw) form locally. The statement added that “each large-scale mining company will sell 30% of their gold output to the GoldBod locally in Ghana, in doré (raw) form and at a discount of 0.55%.”

All transactions will be conducted in Ghana cedis and priced using the Bank of Ghana Reference Rate, a move authorities say is intended to improve transparency and strengthen domestic currency stability in the gold trade.

The government says the initiative is strategically designed to support Ghana’s ambition of securing LBMA accreditation for at least one local gold refinery by 2030.

It further noted that “all doré gold bought by the GoldBod will be refined locally to ensure local value retention, shipped to an LBMA refinery for melting and stamping and delivered to the Bank of Ghana as part of the country’s gold reserves.”

The policy also forms part of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by the end of 2028.

Authorities further say the broader vision aligns with President Mahama’s long-term industrial policy direction, including achieving “zero raw mineral exports by the year 2030.”

Details of the Memorandum of Understanding between the Ministry of Finance, Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines are expected to be made public on Monday, July 29, 2026.

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