Goldbod signs agreement with nine mining firms to retain 20% of gold locally

The Ghana Gold Board (Goldbod) has reached an agreement with nine large-scale mining companies to retain 20% of their gold production within the country.

The arrangement, announced by the acting Chief Executive Officer of Goldbod, Mr. Sammy Gyamfi, on April 30, 2025, aims to bolster local gold reserves and support economic stability.

The participating 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 according to Graphic.

These firms, which are not previously part of the Bank of Ghana’s Domestic Gold Purchase Programme, have committed to delivering one-fifth of their export-bound gold output to the Gold Board.

Starting June 1, 2025, the specified portion of gold must be delivered in the form of doré bars to the Board’s Assay Laboratory at Kotoka International Airport. Payments, made in Ghana cedis, will be processed within two working days of delivery, pegged to the London Bullion Market Association (LBMA AM) spot rate, with a one per cent discount.

Mr. Gyamfi highlighted the significance of the arrangement in supporting the current government’s economic policies under President John Dramani Mahama.

The initiative is expected to improve local gold retention, strengthen reserves, and ease pressure on the Ghanaian cedi. He also acknowledged the collaborative efforts of the Ghana Chamber of Mines and the mining companies in securing the deal.

A formal signing ceremony for the agreement is scheduled for May 15, 2025.

By Joyce Kpeglo