The Ghana Gold Board (GoldBod) has signed a new agreement with the Ghana Chamber of Mines to purchase 30% of the gold produced by all large-scale mining companies in the country, beginning July 1, 2026.

The new arrangement marks a major shift in Ghana's efforts to strengthen its gold reserves, promote local value addition, and reduce the export of raw minerals.

Under the agreement, all participating mining companies will sell 30% of their gold production to GoldBod within Ghana. The gold will be supplied in doré form, which is a partially refined gold product that requires further processing before reaching investment-grade quality.

Unlike the previous agreement signed in 2022 between the Bank of Ghana and the Ghana Chamber of Mines, the new deal requires GoldBod to purchase the gold directly from mining companies.

According to a statement from GoldBod, the gold will be bought in Ghana cedis using the Bank of Ghana's Reference Rate. The purchases will also be made at a 0.55% discount.

The government says the agreement is part of a broader strategy to develop Ghana's gold refining industry. GoldBod plans to refine all the purchased gold locally before sending it to a London Bullion Market Association (LBMA)-approved refinery for final melting, stamping, and certification. The refined gold will then be delivered to the Bank of Ghana to strengthen the country's official gold reserves.

The initiative is expected to help Ghana achieve LBMA accreditation for at least one local gold refinery by 2030. Such accreditation would allow locally refined gold to be recognized and traded on international markets, boosting the country's position in the global gold industry.

The agreement also supports the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by the end of 2028.

In addition, the policy aligns with President John Dramani Mahama's vision of ending the export of raw minerals by 2030 and encouraging more value addition within Ghana.

GoldBod said additional details of the Memorandum of Understanding signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines will be released on Monday, July 29, 2026.

The new agreement is expected to play a significant role in strengthening Ghana's gold industry, increasing foreign reserves, supporting local refining, and creating greater economic value from the country's mineral resources.