By Rachel Quartey
The Ghana Gold Board (GoldBod) has successfully concluded an agreement with nine large-scale mining companies to acquire 20% of their gold output locally.
The agreement is the result of a series of negotiations between GoldBod and mining company representatives not participating in the Bank of Ghana’s Domestic Gold Purchase Program.
The companies include:
- Golden Team Mining Company Limited
- Akroma Gold Limited
- Adamus Resources Limited
- Cardinal Namdini Mining Limited
- Goldstone Akrokeri Limited
- Earl International Group (GH) Limited
- Xtra Gold Mining Limited
- Prestea Sankofa Gold Limited
- Gan He Mining Resource Development Limited
Under the agreement, the mining companies will deliver 20% of their gold output intended for export to GoldBod in the form of doré bars at the Assay Laboratory of GoldBod at the Kotoka International Airport.
Payments will be calculated based on the World Market (LBMA AM) spot price, less a 1% discount, and will be made within two working days of delivery.
The currency for transactions will be Ghana cedis, with exchange rates based on the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
GoldBod’s Ag. CEO, Mr. Sammy Gyamfi Esq., thanked the companies and the Chamber of Mines for their cooperation, stating that the agreement aligns with President John Mahama’s vision to optimize national benefits from gold resources.
He indicated that this agreement is part of the GoldBod’s bid to boost gold and foreign reserve accumulation by the Bank of Ghana in line with the vision of the President.
The GoldBod and all parties will sign a written agreement on May 15, 2025, to formalize the arrangement, paving the way for the program’s commencement on June 1, 2025.
