In a move to strengthen Ghana’s economic foundation and assert greater control over its mineral wealth, the Ghana Gold Board (GoldBod) has inked an agreement with nine large-scale mining companies to procure 20% of their gold output locally for the country.
This deal struck with firms not yet participating in the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP) marks a significant expansion in the country’s gold-buying strategy. The participating companies include:
Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited, and Gan He Mining Resource Development Limited.
Under the agreement, each company will deliver 20% of the gold earmarked for export to the GoldBod in the form of doré bars, which will be processed and assayed at the GoldBod’s Assay Laboratory at the Kotoka International Airport.
Payments will be made in Ghana cedis within two working days, calculated based on the London Bullion Market Association (LBMA) AM spot price, minus a 1% discount. The exchange rate used will be the Bank of Ghana’s Daily Interbank FX (Weighted Median) Rate.
This strategic initiative is aimed at bolstering the country’s gold reserves while reducing its exposure to foreign exchange volatility, a move widely viewed as a long-term buffer against external economic shocks.
Acting CEO of GoldBod, Sammy Gyamfi, praised the collaborative effort with the mining sector, emphasizing its alignment with national priorities.
“This agreement is a critical part of President John Dramani Mahama’s vision to optimize Ghana’s natural resource benefits. It strengthens our macroeconomic stability by directly supporting the Bank of Ghana’s reserve accumulation drive,” he said.
He also commended the Ghana Chamber of Mines for facilitating discussions and helping bring the private sector on board in what he described as a “historic public-private partnership for economic resilience.”
The formal signing ceremony is set for May 15, 2025, with the agreement scheduled to take effect from June 1, 2025. Industry stakeholders anticipate the move will encourage further reforms in Ghana’s resource management policies, enhance investor confidence, and underscore the nation’s commitment to leveraging its mineral assets for sustainable development.
