Ghana Locks In 20% of Gold Output in Major Reserve-Building Agreement

In a major step toward boosting Ghana’s gold reserves, the Ghana Gold Board (GoldBod) has signed a strategic agreement with nine large-scale mining companies to locally purchase 20% of their gold output.

This milestone deal follows extensive negotiations between GoldBod officials and mining companies not currently part of the Bank of Ghana’s Domestic Gold Purchase Program.

The participating companies include: 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.

Per the agreement, the mining firms will deliver 20% of their gold meant for export—specifically in the form of doré bars—to the GoldBod at the Assay Laboratory located at Kotoka International Airport.

In return, GoldBod will pay for the gold based on the global gold price (LBMA AM spot price), minus a 1% discount.

Payments will be made within two working days in Ghana cedis, using the daily interbank exchange rate set by the Bank of Ghana.

Acting CEO of GoldBod, Mr. Sammy Gyamfi Esq., expressed gratitude to the companies and the Ghana Chamber of Mines for their cooperation.

He emphasized that the move aligns with President John Dramani Mahama’s broader vision to maximize national benefits from Ghana’s gold resources.

“This agreement is a major boost to our efforts to strengthen the country’s gold and foreign currency reserves,” Mr. Gyamfi stated.

A formal signing ceremony is scheduled for May 15, 2025, with the program set to officially begin on June 1, 2025.

This agreement is expected to increase Ghana’s gold stockpile, reduce dependence on foreign gold markets, and improve financial stability through increased reserve backing.