Ghana’s government has finalized a new agreement with nine mining companies to purchase 20% of their gold production, in a move aimed at strengthening the country’s gold reserves and stabilizing the national currency.
This initiative expands on a 2022 programme involving major producers like Gold Fields, Newmont, and AngloGold Ashanti, where the central bank acquired gold in local currency to shore up reserves.
The new deal includes companies not previously part of the arrangement and will channel all gold purchases through GoldBod, a government body managing gold acquisition from small-scale miners.
Under the agreement, the companies—Golden Team Mining, Akroma Gold, Adamus Resources, Cardinal Namdini Mining, Goldstone Akrokeri, Earl International Group (GH), Xtra Gold Mining, Prestea Sankofa Gold, and Gan He Mining—will deliver 20% of any gold meant for export to GoldBod in doré bar form.
Payments will be made in Ghanaian cedis at a one percent discount to the LBMA spot price. With gold prices up 29% this year, the deal is seen as a strategic step to maximize national value from gold resources.
The nine miners collectively produce around 200 kilograms of gold monthly, contributing to the Bank of Ghana’s growing reserves, which reached 30.8 metric tons by February.
