Omanghana
The Ghana Gold Board (GoldBod) has reached a landmark agreement with the Ghana Chamber of Mines to acquire 30 percent of the gold produced by all large-scale mining companies operating in the country, with the policy set to take effect on July 1, 2026.
The initiative represents a significant expansion of Ghana’s domestic gold acquisition strategy and forms a key component of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which seeks to strengthen the country’s foreign exchange reserves and improve long-term economic resilience.
New Purchase Framework Takes Effect in July
Under the agreement, GoldBod will purchase 30 percent of eligible gold output from participating mining companies through transactions conducted exclusively in Ghana cedis.
Payments will be based on the official Bank of Ghana reference exchange rate, while the acquired gold will be purchased at a 0.55 percent discount. Mining companies will also be required to deliver the designated portion of their production in doré form within Ghana.
The arrangement is expected to create a consistent supply of locally sourced gold for national reserve accumulation and downstream processing.
Focus on Local Value Addition
Unlike previous arrangements that emphasized the export of raw or semi-processed gold, the new framework is designed to increase value retention within Ghana.
GoldBod plans to keep the purchased doré gold in the country for initial refining and processing before it is sent to a refinery accredited by the London Bullion Market Association (LBMA) for final melting and certification.
Once refined into internationally recognized bullion bars, the gold will be transferred to the Bank of Ghana to support the nation’s reserve holdings.
Strengthening National Gold Reserves
The agreement is a central pillar of the Ghana Accelerated National Reserve Accumulation Program, through which the government aims to build reserves capable of supporting approximately 15 months of import cover by the end of 2028.
Officials believe increasing the share of domestically retained gold will enhance the country’s financial stability and provide a stronger buffer against external economic shocks.
Supporting Refining Capacity and Industrial Development
The policy is also intended to promote the growth of Ghana’s refining industry by ensuring a steady supply of raw material for local processors.
Authorities hope the initiative will help at least one Ghanaian refinery achieve London Bullion Market Association accreditation by 2030, positioning the country as a more competitive player in the global precious metals market.
In addition, the strategy aligns with broader government efforts to expand domestic value addition and reduce dependence on exporting raw mineral resources.
Potential Economic Impact
By retaining a larger share of gold production within the country, policymakers expect to reduce foreign exchange leakages associated with the importation of refined products and strengthen the role of gold in supporting the Ghanaian economy.
The initiative is also expected to contribute to efforts aimed at stabilizing the local currency while advancing the government’s long-term vision of increasing industrial processing and maximizing the economic benefits derived from the nation’s mineral wealth.
Source: Omanghana
