Ghana is seeking to increase the amount of gold it purchases from mining companies as the country intensifies efforts to strengthen foreign reserves and stabilise its currency amid rising global bullion prices.
The Bank of Ghana plans to raise the mandatory portion of annual gold output sold by large mining companies to the central bank from 20 percent to 30 percent, according to Reuters. The move forms part of a broader strategy to expand the country’s gold reserves and reduce dependence on foreign currencies.
The programme was first introduced in 2022 when Ghana ordered mining companies to sell 20 percent of refined gold output to the central bank in local currency. Since then, the country has significantly expanded its gold holdings as authorities attempt to strengthen reserve buffers following the country’s severe economic and currency crisis.
According to the Bank of Ghana, official gold reserves stood at 19.2 metric tons in February 2026, compared with less than 9 metric tons in 2022. Authorities now aim to build reserves to 157 tons by 2028, equivalent to about 15 months of import cover.
The expanded programme will require mining firms to deliver gold in doré bar form through the state backed Ghana Gold Board, known as GoldBod, which now plays a central role in the country’s gold trading and export system.
Gold prices have surged globally in recent years due to geopolitical tensions, trade uncertainty and aggressive reserve diversification by central banks worldwide. Analysts say many countries are increasing gold purchases to reduce exposure to the US dollar and strengthen financial stability.
Ghana, which is Africa’s largest gold producer, has increasingly moved to capture a greater share of mining revenues as bullion prices climb. The government has also introduced tougher royalty policies, expanded state participation in gold trading and pushed for greater local control of mining assets.
Mining companies, however, have raised concerns about the revised terms. Reuters reported that some firms are unhappy with pricing structures, discounts tied to refining and the lack of compensation for by products such as silver contained in doré bars. Industry players are reportedly pushing for a phased implementation rather than an immediate jump to 30 percent.
The central bank acknowledged the programme has come with financial costs. The Bank of Ghana reported losses of about $1.37 billion in 2025, partly linked to expenses associated with building gold reserves through the purchasing scheme.
Still, Ghanaian authorities argue the strategy is helping rebuild economic stability after years of currency weakness and reserve pressure. The country’s gold reserve expansion has also contributed to improvements in foreign exchange buffers and support for the Ghanaian cedi.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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