GHANA has expanded its gold purchase programme by reaching an agreement with nine additional mining companies to acquire 20 percent of their gold production, according to a statement released on Wednesday by GoldBod, the government body overseeing the initiative.
The move is part of a broader effort to consolidate gold acquisitions, strengthen Ghana’s foreign exchange reserves, and stabilise the national currency—the cedi. The announcement, attributed to GoldBod via a post on social media platform X, was reported by Reuters.
Africa’s top gold-producing nation initially launched this strategy in 2022, signing deals with industry giants such as Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining. These companies agreed to sell one-fifth of their annual output directly to the Bank of Ghana, with all transactions settled in local currency.
New firms join gold-for-reserves scheme
The latest agreement brings nine new mining companies into the fold: 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.
According to GoldBod, these companies were previously not part of the central bank’s programme. The new arrangement mandates them to deliver 20% of any gold intended for export to GoldBod in the form of doré bars—a semi-pure alloy of gold and silver.
‘This agreement represents a significant step toward optimising national benefits from Ghana’s gold resources,’ the GoldBod statement read.
Impact on reserves and currency stabilisation
The programme has already begun to pay dividends. The Bank of Ghana’s gold reserves surged from 8.77 metric tons in 2022 to 30.8 tons as of February 2025. This growth has contributed to an increase in the country’s gross reserves, which now stand at $9.4 billion.
GoldBod revealed that the nine newly onboarded miners produce an estimated 200 kilograms of gold each month. The companies will be paid in cedis, at a one percent discount to the London Bullion Market Association (LBMA) spot price.
Responding to market dynamics
This policy comes at a time when gold-producing nations across Africa are seeking greater returns from the precious metal, spurred by a 29 percent surge in global gold prices this year. Analysts attribute the price rally to tariff hikes by US President Donald Trump and ongoing geopolitical uncertainty.
By redirecting a portion of gold exports into national reserves, Ghana aims to reduce reliance on foreign currency and lessen the effects of smuggling and speculative pressure on the cedi.
The government, through GoldBod, continues to encourage local participation in gold production while supporting small-scale miners to increase legal earnings and formal trade practices.
