The Government of Ghana, through the Ghana Gold Board (GoldBod), has entered a new gold purchase framework with the Ghana Chamber of Mines requiring large-scale mining companies to sell 30% of their gold output to the state.
The agreement, reached under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources, takes effect from July 1, 2026.
Under the arrangement, mining companies will sell the designated portion of their production directly to GoldBod in Ghana. The purchases will be made in doré (raw) form and transacted in Ghana cedis, using the Bank of Ghana reference rate. A 0.55% discount will apply to all gold bought under the framework.
GoldBod described the agreement as a landmark deal aimed at strengthening domestic gold aggregation, improving reserve accumulation and increasing value retention in the local economy.
The initiative forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which targets foreign reserves equivalent to 15 months of import cover by the end of 2028.
All gold purchased will be refined locally to ensure domestic value addition before being shipped to an LBMA-accredited refinery for final processing and stamping. The refined gold will then be delivered to the Bank of Ghana as part of the country’s official reserves.
The framework also supports a broader policy push to reduce raw mineral exports and expand local refining capacity. Government has set a target of achieving LBMA accreditation for at least one local refinery by 2030, alongside a longer-term goal of ending raw mineral exports.
