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Government, Chamber of Mines Reach Landmark Agreement

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The Government of Ghana, through the Ghana Gold Board (GoldBod), has reached 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.

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The agreement, which takes effect from July 1, 2026, was concluded under the joint direction of the Minister for Finance and the Minister for Lands and Natural Resources as part of efforts to strengthen Ghana’s gold reserve accumulation strategy and promote local value addition in the mining sector.


Under the new arrangement, each large-scale mining company will sell 30 percent of its gold output to GoldBod locally in Ghana in doré (raw) form at a discount of 0.55 percent. Unlike the previous 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, all transactions under the new framework will be conducted in Ghana cedis using the Bank of Ghana Reference Rate.
Government officials say the initiative 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 agreement, all doré gold purchased by GoldBod will be refined locally to maximize value retention within the country before being shipped to an LBMA-accredited refinery for melting and stamping. The refined gold will subsequently be delivered to the Bank of Ghana to support the country’s reserve accumulation programme.
The initiative forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by the end of 2028. http://gna news
The agreement also aligns with President John Dramani Mahama’s vision of eliminating raw mineral exports by 2030 and promoting greater beneficiation of Ghana’s natural resources.


Government indicated that further details of the Memorandum of Understanding signed among the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, Bank of Ghana and the Ghana Chamber of Mines will be made public on July 29, 2026.

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