The Ghana Gold Board (GoldBod) has reached an agreement with nine large-scale mining companies to buy 20% of their gold output locally. The companies, which are not part of the Bank of Ghana’s Domestic Gold Purchase Program, will deliver 20% of their gold output to the GoldBod in the form of doré bars at a designated collection point.
The agreement, which is expected to boost gold and foreign reserve accumulation by the Bank of Ghana, stipulates that payments to the companies will be calculated based on the World Market spot price, less a 1% discount, and will be made within two working days of delivery. The transactions will be conducted in Ghana cedis, with the exchange rate based on the Daily Interbank FX Rate published by the Bank of Ghana.
The agreement is part of the GoldBod’s efforts to optimize national benefits from the country’s gold resources, in line with the vision of President John Dramani Mahama. A written agreement will be signed on May 15, 2025, and the program is expected to commence on June 1, 2025.
Ruth Abla ADJORLOLO
