The Ghana Gold Board has reached an agreement with nine major mining firms to retain 20 per cent of their gold production for domestic use, a move aimed at strengthening the country’s gold reserves and stabilising the national currency.
This arrangement was announced by the acting CEO of the Gold Board, Sammy Gyamfi, in a Facebook post on April 30, 2025. It applies specifically to mining companies not participating in the Bank of Ghana’s Domestic Gold Purchase Programme.
The companies involved in the agreement 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.
Under the deal, each company will sell 20 per cent of its export-intended gold to the Ghana Gold Board. The deliveries, beginning June 1, 2025, must be made in the form of doré bars to the Board’s Assay Laboratory at Kotoka International Airport.
The gold will be paid for in Ghanaian cedis, using the daily interbank exchange rate as determined by the Bank of Ghana. Payment is promised within two working days of delivery. The purchasing price will be based on the London Bullion Market Association (LBMA AM) spot price, minus a one per cent discount.
The formal signing of the agreement is scheduled for May 15, 2025.
According to Mr Gyamfi, this initiative is part of broader efforts by the Ghanaian government to improve domestic gold retention, build reserves, and ease exchange rate pressures on the cedi. He credited the Ghana Chamber of Mines and the participating firms for their cooperation in supporting the economic strategy of President John Dramani Mahama’s administration.
