GoldBod secures landmark deal to purchase 30% of large-scale miners’ gold output

The Government of Ghana has reached a landmark agreement with the Ghana Chamber of Mines that will see the Ghana Gold Board (GoldBod) purchase 30 percent of the gold output of all large-scale mining companies operating in the country beginning July 1, 2026.

The agreement, which was negotiated under the joint direction of the Minister for Finance and the Minister for Lands and Natural Resources, marks a major step in Ghana’s efforts to strengthen its gold reserves, increase local value addition, and maximize the economic benefits derived from the country’s mineral resources.

The arrangement is also expected to play a key role in supporting Ghana’s long-term ambition of becoming a major gold refining hub in Africa.

Under the terms of the new agreement, each large-scale mining company will sell 30 percent of its gold production to GoldBod within Ghana in doré form, commonly referred to as raw, unrefined gold.

The gold will be purchased at a discount rate of 0.55 percent and paid for in Ghana cedis using the Bank of Ghana Reference Rate as the pricing benchmark.

The agreement represents a significant departure from the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines, introducing a more structured framework that places GoldBod at the centre of the country's gold reserve accumulation strategy.

Officials say the arrangement will improve transparency, increase local participation in the gold value chain, and strengthen Ghana’s capacity to retain greater value from its mineral wealth.

A key objective of the agreement is to accelerate efforts to secure London Bullion Market Association (LBMA) accreditation for at least one Ghana-based gold refinery by 2030.

Under the new framework, all doré gold purchased by GoldBod will undergo refining within Ghana before being exported for final certification.

The government believes local refining will create additional value, stimulate industrial growth, support job creation, and reduce Ghana’s dependence on foreign processing facilities.

Industry experts have long argued that Ghana, despite being one of Africa’s largest gold producers, has historically lost significant economic value by exporting raw or semi-processed gold rather than refining it domestically.

The new policy seeks to reverse that trend by promoting local beneficiation and strengthening the country's refining capabilities.

According to the agreement, gold refined locally will subsequently be transported to a London Bullion Market Association-certified refinery for final melting, stamping, and certification.

The certified gold will then be delivered to the Bank of Ghana as part of the country's official gold reserve holdings.

This process is expected to enhance the quality and international acceptability of Ghana’s gold reserves while supporting broader efforts to strengthen macroeconomic stability.

Government officials view gold reserve accumulation as a strategic tool for improving foreign exchange resilience, reducing external vulnerabilities, and enhancing confidence in the Ghanaian economy.

The initiative forms a critical component of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), a flagship strategy designed to strengthen the country's reserve position.

The programme aims to build foreign reserves equivalent to at least 15 months of import cover by the end of 2028.

By increasing the volume of gold held by the Bank of Ghana, policymakers believe the country will be better positioned to withstand external economic shocks and maintain financial stability.

The initiative also complements broader efforts to diversify reserve assets and reduce dependence on traditional foreign currency holdings.

The agreement further aligns with President John Dramani Mahama’s vision of ending the export of raw mineral resources and promoting domestic processing and industrialization.

The administration has repeatedly emphasized the need for Ghana to derive greater value from its natural resources through local processing, manufacturing, and value addition.

Government officials believe the latest arrangement will contribute significantly to achieving the target of eliminating raw mineral exports by 2030.

The policy is expected to strengthen linkages between the mining sector and the wider economy while creating opportunities for technology transfer, skills development, and industrial growth.

The agreement is contained in a Memorandum of Understanding signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines.

Authorities have indicated that additional details regarding the implementation framework, operational procedures, and expected economic impact of the agreement will be released publicly on July 29, 2026.

The landmark deal is being viewed as one of the most significant reforms in Ghana’s gold sector in recent years and could reshape how the country manages, refines, and benefits from its vast mineral wealth.