In a move aimed at boosting Ghana’s gold reserves and strengthening the country’s macroeconomic stability, the Ghana Gold Board (GoldBod) has reached a landmark agreement with nine large-scale mining companies to purchase 20% of their gold output locally.
The agreement, finalised after a series of negotiations, involves mining firms not currently participating in the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). The companies 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.
Under the terms of the agreement, each company will be required to deliver 20% of any gold earmarked for export to the GoldBod in the form of doré bars. Deliveries are to be made at the GoldBod’s Assay Laboratory located at the Kotoka International Airport.
Payments to the mining companies will be made in Ghana cedis within two working days of delivery and will be calculated based on the London Bullion Market Association (LBMA) AM spot price, less a 1% discount. The applicable exchange rate will be the Daily Interbank FX (Weighted Median) Rate as published by the Bank of Ghana.
Speaking on the development, Ag. Chief Executive Officer of GoldBod, Sammy Gyamfi, expressed appreciation to the participating companies and the Ghana Chamber of Mines for their commitment to President John Dramani Mahama’s vision of optimising national gains from Ghana’s mineral wealth.
“This initiative is a significant step in supporting the accumulation of gold and foreign reserves by the Bank of Ghana. It aligns with our broader national objective of enhancing the country’s economic resilience through effective resource management,” Mr Gyamfi stated.
A formal signing ceremony for the agreement is scheduled for May 15, 2025, after which the programme will officially take effect from June 1, 2025.
