The Ghana Gold Board (GoldBod) will purchase 30% of the gold output from all large-scale mining companies in Ghana. This new arrangement takes effect from July 1, 2026. GoldBod reached this agreement with the Ghana Chamber of Mines.
Each large-scale mining company will sell its gold to GoldBod locally. This will be in doré form, which is partially processed gold. Purchases will occur in Ghana cedis (GHS) at the Bank of Ghana Reference Rate. A 0.55% discount will apply to these sales. This significant change replaces a 2022 agreement between the Bank of Ghana and the Chamber of Mines.
This initiative fits into Ghana's broader economic strategy to manage its gold resources more effectively. It aims to increase the nation's gold reserves. The domestic sale and local refining of gold will reduce reliance on foreign markets for value creation. This supports Ghana's economic independence and long-term financial stability. It also affects the balance of payments by reducing foreign currency outflows for gold transactions.
GoldBod stated that this arrangement is strategic. It aims to help Ghana achieve London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030. This aligns with President Mahama's goal of achieving zero raw mineral exports by the same year. This program also supports the Ghana Accelerated National Reserve Accumulation Program (GANRAP). GANRAP targets foreign reserves equal to 15 months of import cover by the end of 2028.
All doré gold bought by GoldBod will undergo local refining. This ensures value stays within Ghana. After local refining, the gold will be sent to an LBMA-accredited refinery for final processing. It will then be delivered to the Bank of Ghana. This gold will become part of the country's official reserves. This process enhances Ghana's international financial standing and boosts investor confidence.
This move is expected to strengthen the Ghana cedi over time. Increased local gold purchases in GHS reduce demand for foreign currency. The expanded local refining industry will also create jobs and improve technical skills. Decision-makers will closely monitor the implementation of this agreement. They will also watch for its impact on forex markets and the mining sector's profitability. Full details of a Memorandum of Understanding will be published on Monday, July 29, 2026. This MoU involves key ministries, the GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines.