The Government, through the Ghana Gold Board (GoldBod), has reached a landmark agreement with the Ghana Chamber of Mines to purchase 30% of the gold produced by all large-scale mining companies in the country, effective July 1, 2026.
Under the new arrangement, mining companies will sell 30% of their gold output to GoldBod in doré (raw) form at a 0.55% discount.
Unlike the previous 2022 agreement between the Bank of Ghana and the Chamber of Mines, all transactions will be conducted locally in Ghana cedis using the Bank of Ghana Reference Rate.
The agreement is designed to support local gold refining and help Ghana secure London Bullion Market Association (LBMA) accreditation for at least one domestic refinery by 2030. Gold acquired by GoldBod will be refined locally before being processed through an LBMA-certified refinery and delivered to the Bank of Ghana to strengthen the country’s gold reserves.
The initiative forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by 2028, while supporting President John Mahama’s vision of ending raw mineral exports by 2030.
Further details of the Memorandum of Understanding signed by the Ministry of Finance, Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana and the Ghana Chamber of Mines are expected to be released on July 29, 2026.
