ACCRA, May 18 – Ghana has asked large-scale gold miners to supply 30% of annual production to the central bank as it expands its bullion accumulation programme, according to a senior official, though negotiations over pricing and delivery terms remain unresolved.
The proposal marks an increase from the current 20% requirement under the country’s revised gold reserve strategy, which aims to strengthen foreign-exchange buffers and stabilize the cedi.
The initiative builds on a bullion purchase programme launched in 2022 by the Bank of Ghana, which has positioned gold as a core reserve asset amid elevated global prices and tightening external financing conditions.
Ghana, Africa’s largest gold producer, has been increasing state gold accumulation as central banks globally diversify reserves away from traditional currencies.
Gold reserves rose to 19.2 metric tons in February, according to central bank data, supporting efforts to rebuild external stability following the country’s recent debt and currency pressures.
Under the revamped framework, the central bank is targeting as much as 157 tons of gold reserves by 2028, equivalent to roughly 15 months of import cover.
Paul Bleboo, head of the central bank’s Gold Management Programme, said the new target includes a requirement for industrial miners to deliver all of the 30% allocation in doré form to improve traceability and reserve accounting.
The state-backed trader GoldBod is expected to act as the sole channel for exports, ensuring tighter oversight of physical gold flows.
However, miners have raised concerns over the commercial structure of the revised agreement.
Industry participants say discussions over pricing, discounts and valuation remain unresolved, with the Ghana Chamber of Mines cautioning that negotiations are ongoing.
Ghana Chamber of Mines Chief Executive Kenneth Ashigbey said the talks are still in progress and no final agreement has been reached.
Mining companies have also raised objections to proposed discounts on offtake volumes, arguing that valuation adjustments and treatment of by-products such as silver could affect project economics.
The central bank has defended a proposed discount of under 1%, saying it reflects refining, logistics and purity costs associated with building sovereign reserves.
Officials acknowledge that earlier production plans were structured around a 20% supply commitment, and miners are proposing a gradual transition toward the higher threshold.
The Bank of Ghana reported an operating loss of 15.6 billion cedis in 2025, largely driven by the cost of monetary tightening and reserve accumulation linked to its gold purchase strategy.
The outcome of negotiations will determine how quickly Ghana can scale its gold reserves as it seeks to reinforce macroeconomic stability and strengthen external buffers.
