Ghana Secures 30% Gold Offtake Deal to Boost National Reserves

June 26, 2026
By Mintesinot Nigussie

Ghana has reached an agreement with large-scale mining companies requiring them to sell 30 percent of their gold production to the Ghana Gold Board from July 1, 2026, as the government moves to expand the country's gold reserves and develop domestic refining capacity.

The arrangement, agreed between the government and the Ghana Chamber of Mines, will see all participating mining companies sell 30 percent of their gold output in doré form to the Gold Board at a 0.55 percent discount. Purchases will be made in Ghana cedis using the Bank of Ghana Reference Rate.

The agreement replaces a 2022 gold purchase arrangement between the Bank of Ghana and the Ghana Chamber of Mines and forms part of the government's Ghana Accelerated National Reserve Accumulation Program (GANRAP), which targets foreign reserves equivalent to 15 months of import cover by the end of 2028.

Under the new framework, all gold acquired by the Gold Board will be refined within Ghana before being shipped to a refinery accredited by the London Bullion Market Association for final melting and stamping. The refined gold will then be delivered to the Bank of Ghana for inclusion in the country's official reserves.

The government said the policy is also intended to support its goal of securing London Bullion Market Association accreditation for at least one domestic gold refinery by 2030 while advancing President John Mahama's objective of ending raw mineral exports by the same year.

The memorandum of understanding was signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of Mines. The government said additional details of the agreement will be released on July 29, 2026.

Source: FSX Business News