By Magdalene Andoh
The Government of Ghana, through the Ghana Gold Board (GoldBod), has reached a landmark agreement with the Ghana Chamber of Mines for the purchase of 30 percent of gold output from all large-scale mining companies in the country.
The agreement, which takes effect from July 1, 2026, is being implemented under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources.
Under the new arrangement, each large-scale mining company will sell 30 percent of its gold output to GoldBod locally in Ghana in doré form. The gold will be purchased in Ghana cedis at the Bank of Ghana’s Reference Rate, with a discount of 0.55 percent.
Government says the initiative is designed to strengthen Ghana’s gold value chain and support efforts to secure accreditation from the London Bullion Market Association (LBMA) for at least one local gold refinery by 2030.
GoldBod will refine the purchased doré gold locally before it is sent to an LBMA-accredited refinery for final processing and stamping. The refined gold will then be delivered to the Bank of Ghana as part of the country’s gold reserves.
The move forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build Ghana’s foreign reserves to cover 15 months of imports by the end of 2028.
It also aligns with President Mahama’s vision of achieving zero raw mineral exports by 2030 through increased local processing and value retention.
Further details of the Memorandum of Understanding involving the Ministry of Finance, Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines are expected to be released on Monday, July 29, 2026.
