The Government of Ghana, acting through the Ghana Gold Board (GoldBod) under the joint direction of the Minister of Finance and the Minister for Lands and Natural Resources, 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 in the country. The new arrangement takes effect on July 1, 2026.
Unlike the 2022 framework between the Bank of Ghana and the Chamber of Mines, the latest agreement requires each large‑scale mining company to sell 30 percent of its gold output locally to GoldBod in doré (raw) form at a discount of 0.55 percent. All transactions will be conducted in Ghana cedis at the Bank of Ghana Reference Rate.
Government officials say the agreement has been strategically designed to ensure Ghana secures London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030. Doré gold purchased under the scheme will be refined locally to retain value, shipped to an LBMA refinery for melting and stamping, and delivered to the Bank of Ghana as part of the nation’s reserves.
The initiative forms part of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by the end of 2028. It also aligns with President John Mahama’s vision of achieving zero raw mineral exports by 2030.
Further 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 are expected to be published on Monday, July 29, 2026.
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