Gov’t to buy 30% of large-scale gold output from July 1

The Government of Ghana has reached an agreement with the Ghana Chamber of Mines to purchase 30 per cent of the gold output of all large-scale mining companies operating in the country, effective July 1, 2026.

The agreement was brokered through the Ghana Gold Board (GoldBod) under the joint direction of the Ministry of Finance and the Ministry of Lands and Natural Resources.

Under the new arrangement, each large-scale mining company will sell 30 per cent of its gold output to GoldBod locally in Ghana in doré (raw) form at a discount of 0.55 per cent.

Unlike the previous 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, all transactions under the new framework will be conducted in Ghana cedis using the Bank of Ghana Reference Rate.

The government said the arrangement has been strategically designed to support Ghana’s efforts to secure London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.

According to the agreement, all doré gold purchased by GoldBod will be refined locally to promote value retention within the country before being shipped to an LBMA-accredited refinery for melting and stamping. The refined gold will subsequently be delivered to the Bank of Ghana as part of the country’s gold reserves.

The government noted that 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 the end of 2028.

The programme is also aligned with President John Dramani Mahama’s vision of eliminating raw mineral exports by 2030 through increased local processing and value addition.

The Memorandum of Understanding was signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of Mines.

Government said further details of the agreement will be made public on June 29, 2026.