The Government of Ghana has finalised a major agreement with the Ghana Chamber of Mines requiring all large-scale mining companies to sell 30% of their gold output to the Ghana Gold Board (GoldBod).
The policy, which takes effect on July 1, 2026, marks a structural shift from the 2022 arrangement between the central bank and miners by standardizing domestic, cedi-denominated purchases.
Under the new directives, jointly overseen by the Ministry of Finance and the Ministry of Lands and Natural Resources, mining companies will sell the designated output locally in doré, or raw, form.
The transactions will be executed in Ghana cedis, calculated at the Bank of Ghana Reference Rate, and will include a 0.55% discount.
The strategy is designed to retain value within the domestic economy while driving Ghana’s target of achieving London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.
Once GoldBod purchases the raw gold, it will be refined locally before being shipped to an LBMA-accredited facility for melting and stamping. The final bullion will then be delivered to the Bank of Ghana to bolster national gold reserves.
This buyback framework aligns with the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which aims to build foreign reserves capable of handling 15 months of import cover by the end of 2028.
It also supports President Mahama’s broader economic vision of halting all raw mineral exports by 2030.
A comprehensive Memorandum of Understanding has been signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines. The full details of this document are scheduled for public release on Monday, July 29, 2026.
By: Rainbowradioonline.com/Ghana
