Ghana's GoldBod to buy 30% of large-scale miners' gold output from July 2026

Ghana's Gold Board, known as GoldBod, agreed with the Ghana Chamber of Mines on 25 June 2026 to purchase 30% of the gold output of all large-scale mining companies operating in the country, effective from 1 July 2026. Under the arrangement, miners sell their doré gold to GoldBod at a small discount of 0.55% to the Bank of Ghana's reference rate, with purchases settled in Ghanaian cedis. A memorandum of understanding formalising the deal was signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana and the Chamber of Mines.

Rebuilding reserves through gold

The purchases feed directly into the Ghana Accelerated National Reserve Accumulation Programme, or GANRAP, which targets foreign reserves equivalent to 15 months of import cover by the end of 2028. Gold purchased under the deal is refined locally before being shipped to an LBMA-accredited refinery abroad for melting and stamping, after which it is delivered to the Bank of Ghana as part of its official reserves, giving the central bank a growing domestic gold buffer rather than relying solely on foreign-currency reserves.

A wider ambition: an LBMA refinery of Ghana's own

GoldBod has framed the arrangement as a step toward a larger goal: helping Ghana secure London Bullion Market Association accreditation for at least one domestic refinery by 2030, part of President John Mahama's broader push toward zero raw mineral exports by that year. GoldBod, established under the GoldBod Act of March 2025, has already built a substantial trading operation, buying and exporting more than 135 tonnes of gold worth over $16bn between January 2025 and May 2026, the large majority sourced from artisanal and small-scale miners.

What it means for large-scale producers

Extending GoldBod's buying mandate from artisanal output to the country's major mining houses marks a significant expansion of the state's direct role in Ghana's gold trade, giving government a guaranteed, discounted share of production from established mines rather than relying only on royalties and taxes. For large-scale miners operating in Ghana, the arrangement adds a new, state-directed sales channel alongside their existing commercial offtake agreements, though the modest discount involved suggests the immediate financial impact on producers is intended to be manageable.

Sources

• Graphic Online: Goldbod to buy 30 per cent of all large-scale gold output in Ghana under a new deal, 25 Jun 2026
• GBC Ghana Online: GoldBod to purchase 30% of large-scale mining gold output under new gov't agreement, 26 Jun 2026
• Finimize: Ghana's GoldBod Is Turning Small-Scale Mining Into Big Money, 10 Jun 2026

Photo: The Bank of Ghana in Accra, which receives gold purchased under GoldBod's new reserve accumulation programme. Natsubee, Wikimedia Commons, CC BY-SA 3.0.