The Government of Ghana, through the Ghana Gold Board (GoldBod), has reached a landmark agreement with the Ghana Chamber of Mines to purchase 30 percent of the gold output of all large-scale mining companies operating in Ghana, effective July 1, 2026.
The agreement was reached under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources.
GoldBod stated that under the new arrangement, each large-scale mining company will sell 30 percent of their gold output to the GoldBod locally in Ghana in doré raw form, at a discount of 0.55 percent.
All gold purchases under the agreement will be conducted in Ghana Cedis and at the Bank of Ghana Reference Rate.
The new arrangement differs significantly from the previous 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, under which purchases were structured differently.
GoldBod further stated that the arrangement has been strategically curated by the government to ensure that Ghana achieves LBMA accreditation for at least one local gold refinery by the year 2030.
All doré gold purchased by GoldBod will consequently be refined locally to ensure local value retention, shipped to an LBMA-accredited refinery for melting and stamping, and delivered to the Bank of Ghana as part of the country’s gold reserves.
Further details of the Memorandum of Understanding signed between 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 are expected to be made public on Monday, June 29, 2026.
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