The Ghana Gold Board (GoldBod) has reached an agreement with nine additional large-scale mining companies to purchase 20% of their gold production to augment the nation’s gold and foreign reserves under the Bank of Ghana’s domestic gold purchase programme.
GoldBod is the government entity responsible for managing gold purchases from small-scale miners and combatting smuggling.
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The latest deal includes mining companies that were not part of the central bank’s initial scheme.
The new participants include Adamus Resources, Akroma Gold, Cardinal Namdini Mining, Earl International Group, Gan He Mining Resource Development, Golden Team Mining, Goldstone Akrokeri, Prestea Sankofa Gold and Xtra Gold Mining.
GoldBod and all relevant parties are expected to execute a formal written agreement on 15 May, which will facilitate the initiation of the programme starting from 1 June.
GoldBod said in a statement: “Under the Agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars at a designated collection point, which shall be the Assay Laboratory of the GoldBod at the Kotoka International Airport.”
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By GlobalDataThe involved mining companies will be compensated in Ghanaian cedis, with a 1% discount off the London Bullion Market Association spot price.
Collectively, the nine gold miners produce approximately 200kg of gold each month, as per GoldBod’s spokesperson, quoted by Reuters.
In 2022, Ghana initially inked an agreement with industry players such as Gold Fields, Newmont, AngloGold Ashanti and Asanko Mining to acquire a fifth of their yearly gold output for the Bank of Ghana.
Bank of Ghana’s gold holdings have increased from 8.77 tonnes (t) in 2022 to 30.8t in February this year, boosting the country’s gross reserves to $9.4bn (133.3bn cedis).
Gold-producing countries are seeking to derive greater value from the commodity amid a 29% surge in gold prices this year, partly due to US President Donald Trump’s tariffs and global political uncertainties.
In April, Gold Fields announced it would cease operations at its Damang gold mine in Ghana following the government’s decision not to renew the mining lease.
