The Ghana Gold Board (GoldBod) has reached a landmark agreement with nine large-scale mining companies to purchase 20 percent of their gold output locally, a move aimed at boosting Ghana’s gold reserves and strengthening the country’s economic resilience.
The agreement, finalized after extensive negotiations with mining firms not currently participating in the Bank of Ghana’s Domestic Gold Purchase Programme, involves 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 deal, these companies will deliver 20 percent of any gold they intend to export to GoldBod in the form of doré bars at the Board’s Assay Laboratory located at Kotoka International Airport in Accra.
Payments to the mining companies will be made in Ghana cedis within two working days of delivery, calculated based on the London Bullion Market Association (LBMA AM) spot price, less a 1 percent discount. The exchange rate applied will be the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
Acting Chief Executive Officer of GoldBod, Sammy Gyamfi, expressed gratitude to the companies and the Ghana Chamber of Mines for their cooperation and commitment to President John Dramani Mahama’s vision of maximizing national benefits from Ghana’s mineral resources.
“This initiative is a significant step in supporting the accumulation of gold and foreign reserves by the Bank of Ghana and aligns with our broader national objective of enhancing economic stability through effective resource management,” Mr. Gyamfi stated.
The formal signing ceremony for the agreement is scheduled for May 15, 2025, with the program set to commence on June 1, 2025.