Ghana is seeking to increase the amount of gold it receives from large-scale mining companies as part of efforts to strengthen the country’s reserves and support the cedi.

The Bank of Ghana (BoG) is proposing that industrial gold miners sell 30% of their annual gold output to the central bank, up from the current 20% arrangement, according to Paul Bleboo, head of the BoG’s Gold Management programme.

Speaking to Reuters, Mr. Bleboo explained that the central bank wants the entire 30% to be delivered in dore form — partially refined gold bars that can later be processed further. The move forms part of a broader strategy to expand Ghana’s gold reserves and improve oversight of gold exports.

Ghana, Africa’s leading gold producer, introduced its domestic gold purchase programme in 2022 as a way to build reserves, stabilise the cedi and strengthen the economy following one of the country’s worst economic crises in decades.

According to Bank of Ghana data, the country’s gold reserves rose to 19.2 metric tons in February 2026. The government has since revised the programme, setting a target of accumulating up to 157 metric tons of gold by 2028 — enough to cover about 15 months of imports.

Mr. Bleboo revealed that industrial miners delivered only about 10 metric tons of gold last year despite producing around 100 metric tons overall. This represented roughly 10% of output, below the earlier 20% commitment agreed between the mining companies and the central bank through the Ghana Chamber of Mines.

Under the new arrangement, state gold trading company GoldBod is expected to play a central role in monitoring exports and ensuring traceability. The BoG says the system would allow authorities to better track gold volumes and allocations, especially where mining firms export directly.

However, negotiations between the central bank and mining companies are still ongoing.

Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, said discussions surrounding pricing and discounts remain unresolved and “not straightforward.”

Mining companies have reportedly raised concerns over proposed discounts on gold sales to the central bank. According to Reuters, miners are opposing volume-based discounts and the exclusion of by-products such as silver from valuation.

The BoG has defended the proposed discount, reportedly less than 1%, arguing that it reflects the costs of refining, transportation and purity adjustments associated with gold purchases. The central bank believes such costs are necessary as part of the country’s reserve-building efforts.

Still, some mining executives argue the proposed discount could effectively act as an additional tax on mining companies. They also say the planned jump from 20% to 30% is too sudden, since production and export plans had already been structured around the earlier agreement.

The concerns come at a time when the Bank of Ghana itself is facing financial pressure. The central bank posted an operating loss of about GHS15.6 billion in 2025, largely linked to monetary tightening measures and costs associated with the gold reserve programme.

Despite the disagreements, the government appears determined to push ahead with its strategy to increase gold reserves as part of wider efforts to protect the economy against external shocks and strengthen confidence in the local currency.