ACCRA, June 25 – Ghana has reached an agreement with the country’s large-scale mining companies to purchase 30% of their gold production from July 1, marking a significant expansion of its strategy to strengthen foreign exchange reserves and build a domestic gold refining industry.
The agreement forms part of the government’s broader effort to increase gold holdings at the Bank of Ghana while reducing reliance on foreign currencies during periods of global economic uncertainty.
Under the new arrangement, mining companies will sell 30% of their gold output in dore form to the state-owned Gold Board.
Gold purchases will be priced at a 0.55% discount to the central bank’s reference rate and settled in Ghanaian cedis.
The agreement was reached through the Ghana Chamber of Mines following negotiations between the government and major international producers, including Newmont, Gold Fields and Zijin Mining Group.
Ghana, Africa’s largest gold producer, introduced its gold purchase programme in 2022, initially requiring large-scale miners to supply 20% of annual production to the central bank.
According to Bank of Ghana data, the country’s official gold holdings increased to 19.2 metric tons by February 2026.
Earlier this year, the government expanded the programme with the objective of accumulating as much as 157 metric tons of gold by 2028, equivalent to approximately 15 months of import cover.
The latest agreement is expected to accelerate progress toward that target while supporting the country’s foreign reserve position.
Beyond reserve accumulation, the initiative also aims to strengthen Ghana’s downstream gold industry.
Gold acquired under the programme will be refined domestically before being transported to a London Bullion Market Association accredited refinery for final melting and certification prior to being added to the central bank’s reserves.
The government hopes the programme will help Ghana secure LBMA accreditation for at least one domestic refinery by 2030, positioning the country higher within the global gold value chain.
GoldBod already purchases the entire production of Ghana’s artisanal and small-scale gold mining sector.
Officials say increasing national gold reserves will improve the country’s resilience against external economic shocks while providing an additional source of foreign exchange that can be monetized when needed.
The expanded programme reflects a broader trend among central banks globally, which have increased gold purchases in recent years as bullion continues to gain importance as a reserve asset amid heightened geopolitical and financial market uncertainty.
