Large-Scale Miners to Sell 30% of Output to GoldBod from July 2026
The government of Ghana has struck a landmark deal with large-scale miners that will force them to sell 30% of their gold output locally, effective 1 July 2026, in a sweeping move to rebuild national reserves and end raw mineral exports within four years.
The agreement, brokered by the Ghana Gold Board (GoldBod) under the joint oversight of the Finance Minister and the Lands and Natural Resources Minister, replaces the 2022 Bank of Ghana–Chamber of Mines arrangement.
New terms
Under the fresh terms, each large-scale mining company will supply 30% of production to GoldBod in doré (raw) form at a 0.55% discount. All purchases will be settled in Ghana cedis, priced at the Bank of Ghana Reference Rate.
Unlike the earlier framework, the new deal compels local refining of all doré gold bought by GoldBod before it is shipped to an LBMA-accredited refinery for final melting, stamping, and delivery to the central bank as part of the country’s bullion reserves.
Dual strategy
The government said the policy is “strategically curated” to secure LBMA accreditation for at least one domestic refinery by 2030, while simultaneously driving value retention through local processing.
The initiative directly supports the Ghana Accelerated National Reserve Accumulation Program (GANRAP), which aims to build 15 months of import cover by the end of 2028, and President Mahama’s flagship pledge to eliminate raw mineral exports by 2030.
Full MoU next week
The complete Memorandum of Understanding, signed by the Finance Ministry, Lands Ministry, GoldBod, Bank of Ghana, and the Ghana Chamber of Mines, will be released on Monday, 29 July 2026, according to the GoldBod statement.
