The Ghana Gold Board (GoldBod) has reached a significant agreement with nine large-scale mining companies to purchase 20% of their gold output locally.
This milestone achievement follows extensive negotiations between GoldBod management and representatives of the mining companies not part of the Bank of Ghana’s Domestic Gold Purchase Program.
Participating Mining Companies
The nine mining companies involved in the agreement are:
1. Golden Team Mining Company Limited
2. Akroma Gold Limited
3. Adamus Resources Limited
4. Cardinal Namdini Mining Limited
5. Goldstone Akrokeri Limited
6. Earl International Group (GH) Limited
7. Xtra Gold Mining Limited
8. Prestea Sankofa Gold Limited
9. Gan He Mining Resource Development Limited
Terms of the Agreement
Under the agreement, the mining companies will deliver 20% of their gold output to the GoldBod in the form of doré bars at a designated collection point, the Assay Laboratory of the 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. All transactions will be in Ghana cedis, with the exchange rate determined by the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
Boosting Gold and Foreign Reserves.
The Ag. Chief Executive Officer of the GoldBod, Mr. Sammy Gyamfi Esq., expressed gratitude to the companies and the Chamber of Mines for their cooperation and commitment to the President’s vision of optimizing national benefits from Ghana’s gold resources. This agreement aims to boost gold and foreign reserve accumulation by the Bank of Ghana.
Formalization and Implementation.
The GoldBod and the mining companies will formalize the arrangement by signing a written agreement on May 15, 2025. The program is expected to commence on June 1, 2025, marking a significant step towards increasing Ghana’s gold reserves and promoting economic growth.
