Ghana to Purchase 30% of Large-Scale Miners’ Gold Output from July 1 to Boost Reserves and Strengthen Local Refining Industry
The Government of Ghana has reached a landmark agreement with the country’s large-scale mining companies to purchase 30 percent of their gold production beginning July 1, 2026, in a strategic move aimed at strengthening the nation’s foreign exchange reserves, supporting economic stability, and accelerating the growth of its local gold refining industry.
The new arrangement marks a significant expansion of Ghana’s gold reserve accumulation programme and reinforces the country’s commitment to maximizing the value of its vast mineral resources while reducing dependence on external financial buffers.
According to an official government statement released on Thursday, all participating large-scale mining firms will supply 30 percent of their gold output in dore form to the Ghana Gold Board (GoldBod), the state agency responsible for purchasing and managing the country’s gold resources.
Under the agreement, GoldBod will acquire the gold at a discount of 0.55 percent based on the Bank of Ghana’s reference rate, with payments made in Ghanaian cedis. The initiative is expected to improve the country’s ability to retain more of its gold production domestically while conserving valuable foreign exchange.
Building Stronger National Gold Reserves
The agreement forms part of Ghana’s broader strategy to expand its gold reserves, a programme first introduced in 2022 by the Bank of Ghana.
Initially, mining companies, through the Ghana Chamber of Mines, committed to supplying 20 percent of their annual gold output to the central bank. Since the programme began, Ghana’s official gold holdings have grown steadily, reaching approximately 19.2 metric tonnes as of February 2026.
Recognising the growing importance of gold as a strategic reserve asset amid global economic uncertainty and rising bullion prices, the government revamped the programme earlier this year with an ambitious target of accumulating up to 157 metric tonnes of gold by 2028, equivalent to roughly 15 months of import cover.
To achieve this objective, negotiations were held with some of Ghana’s largest mining companies, including Newmont, Gold Fields and China’s Zijin Mining, ultimately resulting in the enhanced 30 percent supply agreement.
Supporting Local Gold Refining
Beyond increasing national reserves, the initiative is expected to play a crucial role in developing Ghana’s domestic gold refining industry.
Government officials say the gold acquired under the programme will be refined locally before being transported to a London Bullion Market Association (LBMA)-approved refinery for final melting and stamping. This process is intended to position Ghana to secure LBMA accreditation for at least one domestic refinery by 2030.
Achieving this internationally recognised certification would significantly strengthen Ghana’s standing in the global precious metals market, improve the competitiveness of its refining sector and create additional value within the country’s mining industry
GoldBod’s Expanding Role
The Ghana Gold Board already purchases the entire gold output produced by the country’s artisanal and small-scale miners. With the inclusion of large-scale mining companies, GoldBod’s role in managing Ghana’s gold resources is expected to expand considerably, giving the state greater influence over one of its most valuable export commodities.
Strengthening Economic Stability
Economists view the expansion of Ghana’s gold purchase programme as a strategic safeguard against external economic shocks. Larger gold reserves provide the country with a stronger financial cushion, enhance confidence in the national economy and can be liquidated in international markets to generate foreign currency when necessary.
As Africa’s leading gold producer, Ghana continues to leverage its mineral wealth to strengthen macroeconomic stability, diversify its reserve assets and build a more resilient economy while promoting greater value addition within its mining sector.
