The Government has secured a landmark agreement with the Ghana Chamber of Mines to purchase 30 per cent of the gold output of all large-scale mining companies in the country as part of efforts to strengthen Ghana’s gold reserves, promote local value addition and reduce the export of raw minerals.
The agreement, which takes effect from July 1, 2026, was reached through the Ghana Gold Board (GoldBod), working under the joint direction of the Ministry of Finance and the Ministry of Lands and Natural Resources.
Under the new arrangement, all participating mining companies will sell 30 per cent of their gold production to GoldBod in doré (raw) form at a discount of 0.55 per cent. Unlike the previous 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, all transactions under the new framework will be conducted locally in Ghana cedis using the Bank of Ghana Reference Rate.
The initiative is expected to significantly boost local gold refining and position Ghana to secure London Bullion Market Association (LBMA) accreditation for at least one local refinery by 2030.
Government explained that all doré gold purchased by GoldBod would first be refined locally before being shipped to an LBMA-certified refinery for final melting and stamping. The refined gold would then be delivered to the Bank of Ghana to strengthen the country’s gold reserves.
The agreement forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), an ambitious strategy aimed at increasing Ghana’s foreign reserves to cover 15 months of imports by the end of 2028.
It also aligns with President John Dramani Mahama’s vision of ending the export of raw minerals by 2030 through increased local processing and value addition.
Government believes the initiative will deepen local participation in the mining value chain, create employment opportunities in the refining sector, improve foreign exchange stability and enhance the country’s long-term economic resilience.
Further details of the Memorandum of Understanding signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of Mines are expected to be released on Monday, July 29, 2026.
