Ghana's government will buy 30% of all gold produced by large-scale mining companies. This new policy takes effect on July 1, 2026. It aims to strengthen the local economy and stabilize the nation's finances.
The Ghana Gold Board (GoldBod) brokered this agreement with the Ghana Chamber of Mines. GoldBod operates under the Ministry of Finance and the Ministry of Lands and Natural Resources. Major mining companies, including Newmont, Gold Fields, and Zijin, must sell 30% of their raw gold (doré) to GoldBod. All payments will be in Ghana cedis (GHS), priced against the Bank of Ghana Reference Rate. The state will receive a 0.55% discount on these purchases.
This initiative fits into Ghana's broader economic strategy to increase its national gold reserves. Ghana aims to accumulate 157 tons of gold bullion by 2028. This amount would provide 15 months of import cover, safeguarding the country against external financial shocks. This goal is part of the Ghana Accelerated National Reserve Accumulation Program (GANRAP). The policy builds on Ghana's position as Africa's largest gold producer.
The purchased gold will undergo local refining within Ghana to maximize its value. After local processing, it will be sent to a London Bullion Market Association (LBMA) facility for melting and stamping. The Bank of Ghana will then receive the refined gold to directly replenish its national reserves. This process ensures greater value retention within Ghana.
The government also plans to help at least one domestic refinery achieve full LBMA accreditation by 2030. This aligns with the president's vision of ending raw mineral exports by the end of the decade. GoldBod already manages the gold output from artisanal and small-scale miners. Its expanded role will transform how Ghana manages its gold resources. This strategy could reduce reliance on foreign currency for imports.
This move has significant implications for Ghana's financial stability and its mining sector. It will boost the Bank of Ghana's reserves. It could also strengthen the Ghana cedi over time by reducing demand for foreign exchange. Mining companies will need to adjust their sales strategies to comply with the new purchasing requirements. Analysts will closely watch the policy's impact on gold export revenues and foreign exchange markets. The successful implementation of local refining and LBMA accreditation will also be a key indicator of its success.