The Ghana Gold Board, working under the joint direction of the Ministers of Finance and Lands and Natural Resources, has reached a landmark agreement with the Ghana Chamber of Mines to purchase 30% of the gold output of all large-scale mining companies in Ghana beginning July 1, 2026.
In contrast to the earlier 2022 agreement between the Bank of Ghana and the Ghana Chamber of Mines, the new agreement calls for each large-scale mining firm to sell 30% of its gold output to the GoldBod locally in Ghana at a 0.55% discount in doré (raw) form.
Under the new arrangement, all purchases of gold will be made at the Bank of Ghana Reference Rate and in Ghanaian cedis.
In order to guarantee that Ghana receives LBMA accreditation for at least one local gold refinery by 2030, the government has carefully selected the new arrangement.
All doré gold purchased by the GoldBod will be refined locally to maintain local value, shipped to an LBMA refinery for melting and stamping, and transferred to the Bank of Ghana as part of the country’s gold reserves.
This arrangement aligns with President Mahama’s goal of attaining zero raw material exports by 2030 and the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which aims to build foreign reserves of fifteen months’ worth of import cover by the end of 2028.
On Monday, July 29, 2026, additional information about the Memorandum of Understanding 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 will be released.
Source: newsthemegh.com