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GoldBod secures deal to purchase 30% of large-scale miners’ Gold output from July 2026

Kwaku Antwi Boasiako June 25, 2026 2 min read

The Government of Ghana, through the Ghana Gold Board (GoldBod), has signed a landmark agreement with the Ghana Chamber of Mines to purchase 30 percent of the gold output of all large-scale mining companies operating in the country.

The new arrangement, which takes effect on July 1, 2026, was negotiated under the joint leadership of the Ministry of Finance and the Ministry of Lands and Natural Resources as part of efforts to strengthen Ghana’s gold reserves and promote local value addition within the mining sector.

Under the agreement, each large-scale mining company will sell 30 percent of its gold production to GoldBod in Ghana in doré (raw gold) form at a discount of 0.55 percent. All transactions will be conducted in Ghana cedis using the Bank of Ghana Reference Rate.

The new framework replaces the previous arrangement signed in 2022 between the Bank of Ghana and the Ghana Chamber of Mines.

Government officials say the agreement has been carefully designed to support Ghana’s ambition of securing London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.

As part of the arrangement, all doré gold acquired by GoldBod will be refined locally to maximize value retention within the country. The refined gold will subsequently be sent to an LBMA-certified refinery for melting and stamping before being delivered to the Bank of Ghana to strengthen the nation’s gold reserves.

The initiative forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to increase the country’s foreign reserves to cover 15 months of imports by the end of 2028.

The agreement also aligns with President John Dramani Mahama’s vision of ending raw mineral exports by 2030 and promoting value-added processing of Ghana’s natural resources.

The Memorandum of Understanding (MoU) was signed by 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.

Government has indicated that further details of the agreement will be made public on July 29, 2026.

The deal is expected to mark a significant step in Ghana’s efforts to enhance local participation in the gold value chain, strengthen foreign exchange reserves and position the country as a major hub for gold refining in Africa.

Kwaku Antwi Boasiako