GoldBod to Buy 20% of Gold Output from 9 Mining Companies

Beginning on June 1, 2025, the Ghana Gold Board will be purchasing 20% of the gold extracted locally by nine large-scale mining companies in the country.

The agreement was reached after a series of negotiations between the management of GoldBod and representatives of mining companies who are not part of the Bank of Ghana Domestic Gold Purchase Program.

An agreement will be signed to formalize this arrangement on May 15, 2025.

Participating companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.

Under the Agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars at a designated collection point, which shall be the Assay Laboratory of the GoldBod at the Kotoka International Airport.

All payments by GoldBod to the companies shall be calculated based on the World Market (LBMA AM) spot price, less a 1% discount and shall be effected within two (2) working days of the delivery of gold to GoldBod under the agreement.

According to the Board, all transactions will be done in Ghana cedis, under the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.

The Ag. Chief Executive Officer of the GoldBod, Mr. Sammy Gyamfi Esq., while expressing his appreciation to the companies and the Chamber of Mines said the initiative is aimed at optimizing national benefits from the gold resources of the country.

He indicated that this agreement is part of the GoldBod’s bid to boost gold and foreign reserve accumulation by the Bank of Ghana in line with the vision of the President.