GoldBod to purchase 30% of Large-Scale Miners’ Gold output under new agreement

The agreement, spearheaded by the Ministry of Finance and the Ministry of Lands and Natural Resources, is expected to strengthen Ghana’s gold reserves, promote local value addition, and support broader economic stability objectives.

Under the arrangement, large-scale mining companies will supply 30 percent of their gold production to GoldBod in doré (raw gold) form. The purchases will be made locally at a discount of 0.55 percent, with all transactions conducted in Ghana cedis using the Bank of Ghana Reference Rate.

The new framework replaces the previous gold purchasing arrangement between the Bank of Ghana and the Ghana Chamber of Mines and is designed to deepen local participation in the gold value chain.

Government says the initiative is a key component of efforts to secure London Bullion Market Association (LBMA) accreditation for at least one Ghana-based gold refinery by 2030.

As part of the agreement, all doré gold acquired by GoldBod will undergo refining within Ghana to maximise local value retention. The refined gold will then be sent to an LBMA-certified refinery for final melting and stamping before being transferred to the Bank of Ghana as part of the country’s strategic gold reserves.

Officials say the policy aligns with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to increase the nation’s foreign reserves to the equivalent of 15 months of import cover by the end of 2028.

The initiative also supports President John Dramani Mahama’s vision of eliminating raw mineral exports and expanding domestic processing of Ghana’s mineral resources by 2030.

The Memorandum of Understanding (MoU) governing the arrangement was signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, Bank of Ghana, and the Ghana Chamber of Mines.

Government has indicated that additional details of the agreement will be released publicly on July 29, 2026.

The new deal is expected to play a significant role in strengthening Ghana’s foreign exchange reserves, enhancing local refining capacity, and increasing the economic value derived from the country’s gold resources.