Ghana Gold Board secures 20% output deal with nine miners

The Ghana Gold Board (GoldBod) has reached an agreement with nine large-scale mining companies to purchase 20% of their gold output for local retention, aiming to boost Ghana’s gold reserves and stabilize its currency. The arrangement targets firms not previously included in the Bank of Ghana’s Domestic Gold Purchase Programme and requires companies to deliver a portion of their export-bound gold as doré bars to GoldBod’s collection point at Kotoka International Airport. Payments will be made in Ghanaian cedis within two working days, based on the London Bullion Market Association spot price with a 1% discount, and using the Bank of Ghana’s daily interbank exchange rate. This initiative is expected to enhance gold and foreign reserve accumulation, reduce pressure on the cedi, and optimize national benefits from Ghana’s gold resources. The deal is set to be formally signed on May 15, 2025, with implementation beginning June 1, 2025. GoldBod’s CEO and government leaders have highlighted the agreement as a significant step in strengthening the country’s economic stability and gold sector.