By Nadia Ntiamoah
The Government of Ghana has reached what officials describe as a landmark agreement with the Ghana Chamber of Mines that will see the Ghana Gold Board (GoldBod) purchase 30 percent of the gold produced by all large-scale mining companies operating in the country, marking a major shift in the nation’s mineral resource management strategy.
The new arrangement, which takes effect on July 1, 2026, forms part of the government’s broader agenda to strengthen the foreign reserves, promote local value addition and gradually eliminate the export of raw minerals.
According to details announced by the government, the agreement was negotiated by the GoldBod under the joint direction of the Minister for Finance and the Minister for Lands and Natural Resources, in collaboration with the Ghana Chamber of Mines, the Bank of Ghana and other key stakeholders.
Under the agreement, every large-scale mining company operating in Ghana will be required to sell 30 percent of its gold output to the Ghana Gold Board within the country instead of exporting the entire production directly onto the international market.
Unlike the previous arrangement introduced in 2022 between the Bank of Ghana and the Ghana Chamber of Mines, the new framework requires mining companies to sell the gold locally in its doré (raw) form to GoldBod at a 0.55 percent discount.
Government further explained that all transactions under the agreement will be conducted in Ghana cedis, with payments based on the Bank of Ghana Reference Rate, a move expected to reduce pressure on the country’s foreign exchange market while strengthening the local currency.
The agreement represents another major policy intervention by the Mahama administration aimed at maximising the economic value of the mineral resources.
Officials say the strategy goes beyond simply purchasing gold for the country’s reserves and seeks to transform Ghana into a major gold refining hub within Africa.
Government indicated that all doré gold acquired by GoldBod under the arrangement will undergo refining within Ghana before being shipped to a refinery accredited by the London Bullion Market Association (LBMA) for final melting, certification and stamping.
The refined bullion will subsequently be delivered to the Bank of Ghana to boost the nation’s strategic gold reserves.
Authorities say the local refining requirement is intended to support the ambition of securing LBMA accreditation for at least one local gold refinery by 2030, thereby positioning the country as a competitive player in the global gold value chain.
The initiative also aligns with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), under which government aims to increase the country’s foreign reserves to provide 15 months of import cover by the end of 2028.
In addition, the agreement supports President John Dramani Mahama’s broader vision of achieving zero raw mineral exports by the year 2030, a policy designed to ensure that more value is retained within Ghana through local processing, refining and industrialisation.
Government believes the new arrangement will not only strengthen Ghana’s reserve position but also create new opportunities for investment in the country’s gold refining industry, generate employment and increase revenue retained within the local economy.
Officials have announced that the full details of the Memorandum of Understanding signed between 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 will be made public on Monday, June 29, 2026.
