The Ghana Gold Board (GoldBod) has announced a strategic agreement with nine large-scale mining companies to locally retain 20% of their gold output.
The agreement, a result of protracted negotiations, marks a significant step toward optimizing national benefits from the country’s gold resources. According to GoldBod, the deal targeted mining companies not currently participating in the Bank of Ghana’s Domestic Gold Purchase Programme.
“Under the Agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars at a designated collection point, which shall be the Assay Laboratory of the GoldBod at the Kotoka International Airport.”
Ghana Gold Board (GoldBod)
This arrangement is set to ensure that a portion of the country’s mineral wealth directly contributes to domestic economic development and reserve accumulation.
The companies signing on include Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited, and Gan He Mining Resource Development Limited.
The Financial terms of the deal are equally robust. GoldBod stipulated that all payments to the mining companies under this agreement will be calculated based on the World Market (LBMA AM) spot price, less a 1% discount.
These payments will be processed in Ghana cedis using the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana, and funds will be disbursed within two working days of gold delivery.
This payment structure is anticipated to provide mining companies with prompt and transparent settlement for the gold delivered, thereby incentivizing compliance and fostering a stable local gold market.
Goldbod to Boost National Reserves
The Acting Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, Esq., expressed gratitude to the participating companies and the Ghana Chamber of Mines for their cooperation and alignment with the broader national interest.
“This is a bold and visionary step toward optimizing our country’s gold resources.
“It is in line with the vision of President John Dramani Mahama to boost foreign reserves and increase domestic retention of our mineral wealth.”
Mr. Sammy Gyamfi, Esq., Acting Chief Executive Officer of GoldBod
He emphasized that the initiative is not only about revenue but also about enhancing monetary sovereignty, securing foreign exchange reserves, and deepening linkages between Ghana’s extractive sector and broader economic development goals.
The agreement is set to be formalized through a written contract to be signed on May 15, 2025. Once signed, the program will officially commence on June 1, 2025.
The deal follows months of structured dialogue between GoldBod and the private sector, highlighting the growing momentum for reforms in Ghana’s mineral resource management.
This strategic arrangement comes at a juncture when Ghana is keen to increase its domestic capture of value from its mining sector.
For years, a significant percentage of gold produced in the country left its borders with wealth accruing primarily to foreign buyers, leaving local stakeholders at a disadvantage.
GoldBod’s new policy is designed to recalibrate these dynamics in favor of the national economy.
Industry watchers view the program as a potential game-changer that could reshape how Ghana interacts with its gold industry.
With assured payment mechanisms and clear contractual terms reflective of global market conditions, mining companies can operate with enhanced financial certainty.
This, in turn, is likely to support a domino effect: improved investor confidence may lead to additional exploration and production activities, further cementing Ghana’s status as one of the most important gold producers in Africa.
The GoldBod agreement marks a pivotal moment in Ghana’s efforts to capture greater value from its gold resources.
With clear terms, prompt payment structures, and a commitment to national economic development, the deal is set to reshape how the country interacts with its mining industry.
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