Ghana Gold Board to Take 30% of Large-Scale Miners’ Output in Landmark Deal
Introduction
The Ghana Gold Board has agreed on a landmark arrangement with the Ghana Chamber of Mines to buy 30% of gold output from all large-scale mining companies in the country. The new arrangement, which will take effect from July 1, 2026, is a significant breakthrough for Ghana in its bid to boost its gold reserves, improve local refining and increase value addition in the country’s mining industry.
Ghana Gold Board to Buy 30% of Gold Output
The Government of Ghana, through the Ghana Gold Board (GoldBod), under the joint direction of the Ministry of Finance and the Ministry of Lands and Natural Resources, has inked a landmark deal with the Ghana Chamber of Mines.
Under the agreement, the Ghana Gold Board would purchase 30% of gold output of all large-scale mining companies in the country from July 1, 2026.
Unlike the previous arrangement agreed in 2022 between Bank of Ghana and the Ghana Chamber of Mines, each mining company will now sell 30% of its gold production locally in dore (unrefined) form to GoldBod at a 0.55% discount.
Payment Terms & Pricing
All gold bought under the deal will be in Ghana cedis.
Pricing will be against the reference exchange rate of the Bank of Ghana and thus provide a standardised and transparent payment mechanism for participating mining companies.
Supporting local gold recovery
The new arrangements are deliberately designed to help Ghana’s ambition to achieve London Bullion Market Association (LBMA) accreditation for at least one domestic gold refinery by 2030.
All dore gold purchased by the Ghana Gold Board shall be processed in Ghana to maximize the retention of gold value, to promote processing in Ghana and to develop the gold refining sector of Ghana.
Ghana’s Gold Reserves Strengthened
The gold will be processed locally and then shipped to an LBMA certifed refinery to be melted and stamped before being shipped to the Bank of Ghana as part of the country’s official gold reserve holdings.
This forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) to create the foreign reserves to meet 15 months of imports by the close of 2028.
Backing President Mahama’s Vision
The deal also supports President John Dramani Mahama’s ambition to eliminate the export of raw minerals by 2030 through improved local processing and value addition.
Ghana is trying to refine more of its gold locally to keep more of the economic value in the country, generate jobs and boost its standing in the global gold sector.
Further details to follow
More details on the Memorandum of Understanding (MoU) signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, Bank of Ghana and the Ghana Chamber of Mines will be made available on Monday, July 29, 2026.
Officials are due to give further details on implementation, procurement procedures and the wider economic benefits of the pact.
Concluding remarks
The Ghana Gold Board deal is a huge step forward in the country’s mining and economic development agenda. The plan supports the country’s long-term goal of adding more value and reducing dependency on raw material exports by buying 30% of large-scale gold production, promoting domestic refining and building national gold reserves. The deal also strengthens Ghana’s commitment to a more robust and resilient gold sector in the years to come.
Also Read : https://verifiedreportsghana.com/category/business/