Ghana will begin purchasing 30% of the gold output of large-scale mining companies from July 1, 2026, under a new agreement aimed at boosting foreign exchange reserves and expanding local refining capacity.
The deal, announced on Thursday, June 25, 2026, increases the previous requirement under which miners supplied 20% of their annual production to the Central Bank.
The arrangement was reached through the Ghana Chamber of Mines and involves major producers, including Newmont Corporation, Gold Fields and Zijin Mining.
Under the new framework, miners will sell 30% of their gold output in dore form to Ghana Gold Board (GoldBod) at a discount of 0.55% on the Central Bank’s reference rate, with payments made in Ghana cedis.
The initiative forms part of a broader strategy launched in February 2026, which targets gold reserves of up to 157 metric tonnes by 2028, equivalent to 15 months of import cover. The Bank of Ghana reported holdings of 19.2 metric tonnes as of February.
Government officials say the programme will also support efforts to secure London Bullion Market Association accreditation for at least one local refinery by 2030. Gold acquired under the scheme will be refined domestically before being processed and stamped at an LBMA-approved facility and added to Ghana’s reserves.
Ghana, Africa’s largest gold producer, already purchases the entire output of its artisanal miners through GoldBod. Authorities believe stronger gold reserves will help shield the economy from external shocks and provide an additional source of foreign exchange earnings.