The Government of Ghana has reached an agreement with large-scale mining companies to purchase 30 per cent of their gold output from July 1, 2026, as part of efforts to strengthen the country’s foreign exchange reserves and expand domestic gold refining capacity.
The agreement, announced on Thursday, marks a significant expansion of Ghana’s gold reserve accumulation programme, which was launched in 2022 to reduce dependence on foreign currencies and enhance economic resilience.
Under the new arrangement, reached through the Ghana Chamber of Mines, participating mining companies will sell 30 per cent of their gold production in dore form to the Ghana Gold Board (GoldBod), the state agency responsible for gold purchases.
The gold will be acquired at a discount of 0.55 per cent to the Bank of Ghana’s reference price, with payments made in Ghana cedis.
The revised agreement replaces an earlier arrangement under which large-scale mining firms supplied 20 per cent of their annual gold production to the central bank.
Since the programme began, Ghana’s official gold holdings have grown steadily, reaching 19.2 metric tonnes as of February, according to Bank of Ghana data.
Earlier this year, the government revamped the initiative with an ambitious target of increasing the country’s gold reserves to 157 metric tonnes by 2028—equivalent to about 15 months of import cover.
As part of that strategy, negotiations were held with major mining companies, including Newmont, Gold Fields and China’s Zijin Mining, to increase the volume of gold sold to the state.
Beyond boosting reserves, the agreement is expected to support Ghana’s ambition of developing a globally recognised gold refining industry.
According to the government, the programme is designed to help secure London Bullion Market Association (LBMA) accreditation for at least one domestic gold refinery by 2030.
Gold acquired under the scheme will first be refined locally before being shipped to an LBMA-accredited refinery for final melting and stamping prior to being added to the Bank of Ghana’s reserves.
GoldBod already purchases the entire gold output of Ghana’s artisanal and small-scale mining sector.
Officials say increasing the country’s gold reserves will strengthen Ghana’s ability to withstand external economic shocks, improve foreign exchange stability and provide an additional source of foreign currency through the sale of gold on international markets when necessary.
