The government through the Ghana Gold Board (GoldBod), has reached a landmark agreement with the Ghana Chamber of Mines for the local purchase of 30% of all large-scale mining companies’ gold output, effective July 1, 2026.
The agreement was reached under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources. It was announced on Thursday, June 25.
Under the new deal, each large-scale mining company will sell 30% of its gold output to GoldBod locally in doré form at a 0.55% discount. All purchases will be made in Ghana cedis and priced at the Bank of Ghana Reference Rate.
The arrangement replaces a 2022 pact between the Bank of Ghana and the Ghana Chamber of Mines. Unlike the previous setup, the new agreement mandates local sale of doré directly to GoldBod.
Government says the deal is structured to help Ghana secure London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.
All doré gold purchased by GoldBod will be refined locally to retain value, then shipped to an LBMA-accredited refinery for melting and stamping. The refined gold will be delivered to the Bank of Ghana as part of national gold reserves.
The measure aligns with the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which targets foreign reserves covering 15 months of imports by the end of 2028.
It also supports President John Dramani Mahama’s goal of zero raw mineral exports by 2030.
Further details of the Memorandum of Understanding (MoU) between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, Bank of Ghana, and the Ghana Chamber of Mines will be published on Monday, July 29.
