Ghana moves to increase gold reserve holdings with new 30% miner supply proposal
Ghana is intensifying efforts to strengthen its financial stability and foreign reserves through an ambitious expansion of its national gold accumulation programme, with the Bank of Ghana proposing that large-scale mining companies supply up to 30% of their annual gold production to the central bank.
The initiative marks a significant increase from the previous 20% arrangement and forms part of a broader strategy aimed at boosting the country’s gold reserves, stabilising the Ghanaian cedi and reinforcing economic recovery after one of the toughest financial crises in the nation’s recent history.
As Africa’s leading gold producer, Ghana has increasingly turned to its mineral wealth as a strategic economic shield amid rising global gold prices and growing international demand for bullion reserves. Central banks around the world have accelerated gold purchases in recent years as governments seek safer reserve assets in the face of global economic uncertainty.
According to the Bank of Ghana, the country’s gold reserves rose to 19.2 metric tons by February, a development officials say has contributed to improved currency stability and stronger external financial buffers.
The newly revamped reserve-building programme, launched earlier this year, targets the accumulation of as much as 157 metric tons of gold by 2028 equivalent to roughly 15 months of import cover. The move is expected to position Ghana among Africa’s strongest reserve-holding economies while reducing reliance on foreign currencies.
Speaking on the programme, Paul Bleboo, head of the Bank of Ghana’s Gold Management programme, said the central bank intends to negotiate a new framework requiring industrial mining companies to supply 30% of their annual production in dore form directly to the central bank.
The proposal also seeks to improve transparency and traceability across Ghana’s gold export system. Under the arrangement, state gold trading company GoldBod is expected to play a central oversight role as the official gatekeeper for gold exports.
Officials say the new structure will allow the government to better monitor export volumes, ensure accurate allocations and strengthen confidence in Ghana’s gold sector.
The Bank of Ghana views the reserve expansion as a long-term investment in economic resilience, despite the significant financial cost associated with the programme. Financial statements released by the central bank showed operating losses of approximately GHS15.6 billion in 2025, partly linked to the cost of reserve accumulation and monetary tightening measures.
Authorities, however, insist the programme remains critical to safeguarding the country’s economic future. The central bank argues that proposed discounts tied to refining, freight and purity adjustments should be viewed as necessary operational costs associated with building strategic national reserves.
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Meanwhile, discussions between government officials and mining companies are continuing, with industry leaders seeking clarity on pricing mechanisms, discount structures and implementation timelines.
The Ghana Chamber of Mines has confirmed that negotiations remain ongoing, particularly around concerns relating to valuation methods and proposed deductions on gold purchases. Mining companies are also advocating for a gradual implementation process to allow producers to adjust operational plans originally designed around the earlier 20% supply arrangement.
Despite the ongoing negotiations, the initiative signals Ghana’s determination to leverage its gold resources more strategically in support of macroeconomic stability, reserve growth and long-term financial independence.
With global gold demand continuing to rise, Ghana’s aggressive reserve-building strategy could further strengthen its position as both a leading gold producer and an emerging financial powerhouse on the African continent.
