Ghana has reached an arrangement with nine new mining companies to buy 20% of its gold production, the government revealed on Wednesday.
The operation intends to increase the country’s gold reserves and stabilize the local currency by expanding the gold purchase program.
The new deal follows a 2022 agreement with major industry participants, including Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining, to sell a portion of their output to the Bank of Ghana.
All transactions are settled in Ghanaian cedis.
As a result of the continuous campaign, the Bank of Ghana’s gold holdings climbed from 8.77 metric tons in 2022 to 30.8 tons in February of this year, bringing the country’s total reserves to $9.4 billion.
The most recent arrangement comprises mining corporations that had not previously engaged in the central bank’s initiative.
The companies include 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.
The deal was announced by GoldBod—a government-established entity responsible for streamlining gold purchases from small-scale miners, curbing smuggling, and enhancing sectoral earnings.
“Under the agreement, the mining companies will deliver 20% of any gold they intend to export to GoldBod in the form of doré bars,” the agency said in a statement on X. “This agreement represents a significant step toward optimising national benefits from Ghana’s gold resources.”
The participating miners will be paid in cedis, at a one percent discount to the London Bullion Market Association (LBMA) spot price.
Ghana, Africa’s top gold producer, is seeking to maximize value from its gold sector amid a 29% surge in global gold prices this year, driven by geopolitical tensions and global trade uncertainties.
