GoldBod’s Sammy Gyamfi flanked by Kenneth Ashigbey, Federick Attakumah and an official of the Chamber
The government has signed a new agreement with the Ghana Chamber of Mines requiring all large-scale mining companies to sell 30% of their gold output to the Ghana Gold Board (GoldBod) locally, effective July 1, 2026.
The deal, reached under the joint-direction of the Minister for Finance and the Minister for Lands and Natural Resources, replaces the 2022 arrangement between the Bank of Ghana and the Chamber of Mines.
Under the new terms, each large-scale mining firm will sell 30% of its gold output to GoldBod in Ghana, in doré form, at a 0.55% discount. All purchases will be settled in Ghana cedis at the Bank of Ghana Reference Rate.
The arrangement is designed to support Ghana’s plan to secure London Bullion Market Association accreditation for at least one local gold refinery by 2030.
All doré gold acquired by GoldBod will be refined locally to retain value, then shipped to an LBMA-accredited refinery for melting and stamping before delivery to the Bank of Ghana as part of the country’s gold reserves.
The deal forms part of the Ghana Accelerated National Reserve Accumulation Programme, which targets foreign reserves equivalent to 15 months of import cover by the end of 2028. It also aligns with President John Mahama’s stated goal of achieving zero raw mineral exports by 2030.
Officials say the policy aims to boost domestic value addition, strengthen the cedi through reduced forex demand for gold imports, and build up gold reserves as a buffer against external shocks. The 30% mandatory sale applies to all large-scale producers operating in Ghana.
The discounted pricing mechanism is expected to provide GoldBod with a cost advantage while ensuring miners retain revenue from the remaining 70% of output sold on international markets.
A Memorandum of Understanding (MoU) detailing the framework was signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, Bank of Ghana, and the Ghana Chamber of Mines.
The 2022 deal allowed the Bank of Ghana to buy gold directly from miners to build reserves but did not mandate local refining or set a fixed percentage for all producers. Ghana is Africa’s largest gold producer.
Large-scale mines account for the bulk of national output, with companies including Newmont, Gold Fields, and AngloGold Ashanti operating in the country.
A Daily Guide Report