Ghana Gold Board strikes local procurement deal with nine major mining firms to strengthen reserves
In a move to enhance Ghana’s gold reserves and improve forex liquidity, the Ghana Gold Board (GoldBod) has reached a significant agreement with nine large-scale mining companies to purchase 20% of their gold production locally. This development is seen as part of broader efforts to retain more value from the country’s natural resources and reduce pressure on the local currency.
The agreement was reached after negotiations between GoldBod and the mining firms, which are not participants in the Bank of Ghana’s Domestic Gold Purchase Programme. 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, these companies will supply 20% of any gold earmarked for export to GoldBod in doré bar form at a collection point located at the Assay Laboratory in Kotoka International Airport. Payments will be made in Ghana cedis, pegged to the LBMA AM world market spot price, minus a 1% discount, and disbursed within two working days of delivery.
The initiative is designed to support domestic gold accumulation and boost the country’s foreign reserves. According to the GoldBod’s acting CEO, Sammy Gyamfi Esq., the agreement reflects the shared commitment of the government and mining sector stakeholders to derive maximum national benefit from Ghana’s mineral wealth.
A formal agreement is expected to be signed on May 15, 2025, with implementation slated for June 1, 2025.
By: Linda Akite
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