By: Amoako Kwame
The government has directed large-scale gold mining companies to increase the share of their annual production sold to the Central Bank from 20% to 30% under a revised strategy to boost national reserves, a senior official told Reuters. However, mining firms say that several important commercial terms have yet to be finalized.
Central banks around the world are increasingly accumulating gold, as rising prices enhance its attractiveness as a reserve asset.
Ghana, Africa’s leading gold producer, introduced its bullion purchase programme in 2022 and later reached an agreement with mining companies through the Ghana Chamber of Mines to supply 20% of annual gold production to the central bank.
According to Bank of Ghana data, gold reserves rose to 19.2 metric tons in February, helping to support the Ghanaian cedi and strengthen external buffers as the country continues its economic recovery from its most severe crisis in decades.
The government revised the programme in February, setting a target of up to 157 tons of gold (equivalent to about 15 months of import cover) by 2028.
According to Paul Bleboo, head of the central bank’s Gold Management Programme, authorities now plan to negotiate for 30% of annual output from industrial miners, with the full amount to be supplied in dore form.
He noted that last year, industrial miners supplied about 10 tons out of an estimated 100 tons in production—roughly 10%, falling short of the 20% commitment.
The central bank’s objective is to strengthen gold reserves while improving traceability, with the state-owned gold trader GoldBod serving as the central “gatekeeper” through which all exports are required to pass.
Where companies export gold directly, the central bank wants 30% of each shipment retained in doré form to ensure better tracking of volumes and distribution.
The central bank reported an operating loss of about GH¢15.6 billion ($1.37 billion) in 2025, largely due to the costs associated with monetary tightening and expanding reserve accumulation, including losses linked to the gold purchase programme, according to its financial statements.
Paul Bleboo said that off-take discounts, along with a proposed discount of just under 1% on industrial gold purchases, are necessary to account for refining, freight, and purity-related costs, and should be viewed as part of the expense of building national reserves.
However, mining companies say discussions are still ongoing. Ghana Chamber of Mines, CEO, Kenneth Ashigbey noted that negotiations over pricing and discounts remain complex, with no final agreement reached.
A mining industry executive added that firms oppose volume-based discounts and the zero valuation of by-products such as silver.
The source further stated that the proposed 1% discount could effectively function as a tax, while companies are also concerned about tight implementation timelines, as current operational plans were designed around a 20% requirement. They are instead advocating for a gradual increase in the policy.
