The Ghana Gold Board (GoldBod) will acquire 30% of all gold produced by large-scale mining companies in Ghana. This landmark agreement with the Ghana Chamber of Mines takes effect on July 1, 2026. The move aims to increase national gold reserves and promote local gold refining.
This new Memorandum of Understanding mandates each large-scale mining company to sell 30% of its gold output directly to GoldBod. The gold will be sold locally in Ghana and in its unrefined, or doré, form. GoldBod will purchase the gold at a 0.55% discount. All transactions will occur in Ghana Cedis, using the Bank of Ghana’s (BoG) Reference Rate. This initiative marks a shift from a previous 2022 arrangement with the BoG.
This strategy directly supports Ghana's broader economic goals. The government seeks to curb the export of raw minerals and maximize value retention within the country. This acquisition contributes to the Ghana Accelerated National Reserve Accumulation Program (GANRAP). GANRAP aims to build Ghana's foreign reserves to 15 months of import cover by the end of 2028. It also aligns with President John Dramani Mahama's vision of achieving zero raw mineral exports by 2030.
The Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines signed the MoU. This wide participation shows a unified approach across government and industry. Local refining of all gold purchased by GoldBod is a central part of this strategy. This refined gold will then go to a London Bullion Market Association (LBMA) refinery for final melting and stamping before being added to Ghana’s official reserves. This process aims to position Ghana to secure LBMA accreditation for at least one domestic refinery by 2030.
This agreement has significant implications for Ghana’s economy and mining sector. It could boost the value of Ghana Cedis by increasing demand for the local currency. Increased local refining capacity will also create jobs and develop skilled labor in the country. Markets will watch for the full details of the MoU, expected on Monday, July 29, 2026. This deal will improve Ghana's economic stability and reduce its reliance on raw commodity exports. It will also enhance its standing in the global gold market.