Ghana will purchase 30% of gold produced by large-scale mining companies from July 1, 2026, as the country seeks to strengthen foreign currency reserves and expand domestic gold refining capacity, the government said.
The agreement with mining companies, reached through the Ghana Chamber of Mines, will see the state-owned Gold Board, known as GoldBod, purchase the gold in dore form.
Ghana, Africa’s largest gold producer, launched its gold purchasing programme in 2022, initially requiring large-scale miners to supply 20% of their annual output to the central bank.
The programme was expanded in February as the government targeted building gold reserves of up to 157 metric tonnes by 2028, equivalent to about 15 months of import cover.
Negotiations were held with major producers including Newmont Corporation, Gold Fields and China’s Zijin Mining Group to increase the amount of gold purchased by the state.
The purchases will be made at a discount of 0.55% to the Bank of Ghana’s reference rate and settled in Ghanaian cedis.
Central banks globally have increased gold purchases in recent years as elevated bullion prices have strengthened the metal’s role as a reserve asset and hedge against economic shocks.
Bank of Ghana data showed its gold holdings rose to 19.2 metric tonnes in February.
The government said the initiative would also support efforts to secure London Bullion Market Association accreditation for at least one domestic refinery by 2030.
Gold purchased through the scheme will be refined locally before being sent to an LBMA-accredited refinery for final processing and certification before being added to central bank reserves.
GoldBod already buys the entire output of Ghana’s artisanal gold miners.
The government said increasing gold reserves would help protect the country against external shocks and provide a source of foreign exchange through potential overseas sales.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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