By: Franklin ASARE-DONKOH
In a major move to maximize the domestic benefits of natural resources, the Government of Ghana has finalized a landmark agreement with the Ghana Chamber of Mines to purchase 30% of all gold output from large-scale mining companies operating in the country.
The policy which officially takes effect on July 1, 2026, was brokered through the newly established Ghana Gold Board (GoldBod), which operates under the joint direction of the Ministry of Finance and the Ministry of Lands and Natural Resources.
Unlike previous purchase setups, this new arrangement enforces stricter terms, aimed at bolstering the local economy and stabilizing the nation’s finances. Under this revamped framework, major mining multinationals, including global giants Newmont, Gold Fields, and Zijin, are required to sell 30% of the gold produced locally, to GoldBod in doré (raw) form.
According to authorities, all transactions will be settled entirely in Ghana cedis (GHS), priced against the Bank of Ghana Reference Rate, and the state will secure the doré gold at a fixed 0.55% discount.
The gold will be refined locally within Ghana to ensure maximum value retention before it is shipped to a London Bullion Market Association (LBMA) facility for melting and stamping.
It will then be returned to the Bank of Ghana to directly replenish national reserves.
This updated offtake strategy plays a central role in the Ghana Accelerated National Reserve Accumulation Program (GANRAP).
The state’s broader goal is to accumulate up to 157 tons of gold bullion to build up a buffer equivalent to 15 months of import cover by 2028, effectively safeguarding the country against external financial shocks.
Furthermore, the government aims to help at least one domestic refinery secure full LBMA accreditation by 2030, aligning with the president’s vision of achieving zero raw mineral exports by the end of the decade.
GoldBod, which already purchases the total output generated by Ghana’s artisanal and small-scale gold miners, will now oversee this combined supply chain, transforming how Africa’s largest gold producer leverages its wealth.
