The government through the Ghana Gold Board, working under the joint-direction of the Minister of Finance and Minister for Lands and Natural Resources, has reached a landmark agreement with the Ghana Chamber of Mines to buy 30 per cent of the gold output of all large-scale mining companies in Ghana, effective July 1, 2026.
Under the new agreement and unlike the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines, each large-scale mining company will sell 30 per cent of their gold output to the GoldBod locally in Ghana, in doré (raw) form and at a discount of 0.55 per cent.
A statement issued in Accra yesterday said “All gold purchases under the new agreement will be in Ghana cedis and at the Bank of Ghana Reference Rate.”
It said the new arrangement had been strategically curated by the government to ensure that Ghana achieves LBMA accreditation for at least one local gold refinery by the year 2030.
It said “All doré gold bought by the GoldBod will be refined locally to ensure local value retention, shipped to an LBMA refinery for melting and stamping and delivered to the Bank of Ghana as part of the country’s gold reserves.”
“This arrangement is in line with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) aimed at building foreign reserves of 15-months of import cover by the end of the year 2028 and President Mahama’s vision of achieving zero raw mineral exports by the year 2030,” the statement said.
“A Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of mines will be published on Monday, July 29, 2026,” it said.
BY TIMES REPORTER
