Goldbod to buy 30 per cent of all large-scale gold output in Ghana under a new deal

The Ghana Gold Board has reached agreement with the Ghana Chamber of Mines to purchase 30 per cent of the gold output of all large-scale mining companies in Ghana, effective July 1, 2026.

Under the new agreement, unlike the previous 2022 arrangement between the Bank of Ghana and the Chamber of Mines, each large-scale mining company will sell 30 per cent of its gold output to the GoldBod locally in Ghana, in doré form, at a discount of 0.55 per cent.

All gold purchases are to be in Ghana cedis and at the Bank of Ghana Reference Rate.

A statement issued by the GoldBod said the new 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 bought by the GoldBod will be refined locally to ensure local value retention, shipped to an LBMA refinery for melting and stamping, and delivered to the Bank of Ghana as part of the country’s gold reserves.

This arrangement is in line with the Ghana Accelerated National Reserve Accumulation Program (GANRAP), aimed at building foreign reserves of 15 months of import cover by the end of 2028, and President Mahama’s vision of achieving zero raw mineral exports by 2030.

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It said other details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines will be published on Monday, July 29, 2026.

Source: Graphic Online