Gov’t Signs Deal for GoldBod to Buy 30% of Large-Scale Miners’ Gold Output from July 1

The Government of Ghana has reached a landmark agreement with the Ghana Chamber of Mines for the Ghana Gold Board to purchase 30% of gold output from all large-scale mining companies, effective July 1, 2026.

The deal was reached under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources.

Under the new arrangement, each large-scale mining company will sell 30% of its gold production to GoldBod locally in Ghana in doré form and at a discount of 0.55%.

This differs from the 2022 agreement between the Bank of Ghana and the Chamber of Mines.

All purchases will be made in Ghana cedis at the Bank of Ghana Reference Rate.

The agreement has been strategically designed to help Ghana achieve London Bullion Market Association accreditation for at least one local gold refinery by 2030.

All doré gold bought by GoldBod will be refined locally to ensure value retention before being shipped to an LBMA refinery for melting and stamping.

The refined gold will then be delivered to the Bank of Ghana as part of the country’s reserves.

Officials say the move aligns with the Ghana Accelerated National Reserve Accumulation Program, which targets foreign reserves equivalent to 15 months of import cover by the end of 2028.

It also supports President John Dramani Mahama’s vision of achieving zero raw mineral exports by 2030.

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 signed a Memorandum of Understanding detailing the arrangement.

Story by Hajara Fuseini

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