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Ghana has signed a new agreement with nine mining companies to purchase 20% of their gold production, a move designed to reinforce the country’s gold reserves and help stabilise its local currency. The development is part of an expanded government-led gold purchase programme aimed at increasing national economic resilience.
This latest deal builds on a 2022 initiative in which major players such as Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining committed to selling a portion of their gold output to the Bank of Ghana. All transactions under the scheme are settled in Ghanaian cedis, reducing the demand for foreign exchange.
As a result of the ongoing programme, the Bank of Ghana has significantly bolstered its gold reserves, rising from 8.77 metric tonnes in 2022 to 30.8 tonnes by February 2025. This increase has contributed to lifting Ghana’s gross international reserves to $9.4 billion.
The newly participating mining companies—previously uninvolved in the scheme—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 agreement was announced by GoldBod, a state-established body tasked with regulating gold purchases from small-scale miners, reducing smuggling, and boosting earnings from the mining sector.
“Under the agreement, the mining companies will deliver 20% of any gold they intend to export to GoldBod in the form of doré bars,” the agency stated in a post on X. “This agreement represents a significant step toward optimising national benefits from Ghana’s gold resources.”
Payments to the miners will be made in local currency, with the gold purchased at a one percent discount to the London Bullion Market Association (LBMA) spot price.
As Africa’s leading gold producer, Ghana is aiming to capitalise on soaring gold prices, which have jumped by 29% this year amid geopolitical tensions and global trade uncertainty. The initiative is seen as a strategic approach to harness greater value from the country’s natural resources during a time of global economic volatility.
