The Government of Ghana, through the Ghana Gold Board (GoldBod), acting under the joint direction of the Minister for Finance and the Minister for Lands and Natural Resources, has reached a landmark agreement with the Ghana Chamber of Mines to purchase 30 per cent of the gold output of all large-scale mining companies in the country, effective July 1, 2026.

Under the new agreement, and unlike the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines, each large-scale mining company will sell 30 per cent of its gold output to GoldBod locally in Ghana in doré (raw) form at a discount of 0.55 per cent.

All purchases under the agreement will be conducted in Ghana cedis and priced using the Bank of Ghana Reference Rate.

The new arrangement has been strategically designed to support Ghana’s efforts to secure London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.

All doré gold acquired by GoldBod will be refined locally to maximise value retention within the country.

The refined gold will subsequently be shipped to an LBMA-certified refinery for melting and stamping before being delivered to the Bank of Ghana as part of the nation’s gold reserve holdings.

The agreement aligns with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to build foreign reserves equivalent to 15 months of import cover by the end of 2028.

It also supports President John Dramani Mahama’s vision of eliminating raw mineral exports by 2030 through increased local processing and value addition.

Further details of the Memorandum of Understanding signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana and the Ghana Chamber of Mines will be made public on Monday, July 29, 2026.