The Ghana Gold Board (GoldBod) has announced a special temporary bonus of GH¢832 per pound of gold for all licensed miners across the country, effective Wednesday, August 27, 2025.
The initiative raises the official purchasing price of gold from GH¢8,868 to GH¢9,700 per pound, representing a significant incentive for miners who sell through legal channels.
According to GoldBod, the measure is designed to motivate licensed miners, strengthen the formal gold trade system, and combat the rising challenge of gold smuggling.
In a statement issued by its Media Relations Officer, Prince Kwame Minkah, the Board explained that the decision followed complaints from miners about declining local gold prices, driven largely by the continuous appreciation of the Ghana cedi against the US dollar.
“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi,” the statement said.
While the cedi’s appreciation has been broadly positive for Ghana’s economy, reducing import costs and stabilising fuel prices, it has also had unintended effects on export-linked industries. For miners, the stronger cedi means fewer cedis earned per ounce of gold, even when global prices remain stable.
GoldBod noted that this situation risked undermining the very sector that has been critical in supporting Ghana’s foreign exchange earnings and overall economic resilience.
“The special bonus will ensure that licensed miners, who have contributed immensely to the country’s increased gold output and foreign exchange reserves, do not indirectly suffer as a result of the significant appreciation of the Ghana cedi, which they have helped the country achieve,” the statement explained.
The bonus scheme also forms part of the government’s broader strategy to clamp down on gold smuggling, which has cost Ghana billions of cedis in lost export revenue. However, it’s not certain how long this scheme will last.
Gold remains Ghana’s top export commodity, accounting for more than 40% of total export earnings and serving as a vital source of foreign exchange. The country reclaimed its position as Africa’s largest gold producer in 2023, surpassing South Africa, with annual output exceeding 4 million ounces.
