Ghana signs gold purchase deal with nine more mining companies

Ghana has expanded its gold purchase programme by securing an agreement with nine additional mining companies to acquire 20% of their gold output, a move aimed at strengthening the country’s gold reserves and stabilising the Ghanaian cedi.

The deal, announced by the government agency GoldBod on Wednesday, marks a significant milestone in consolidating the Bank of Ghana’s efforts to build reserves through local gold acquisition.

It follows a similar 2022 agreement with major industry players like Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining.

Under the latest arrangement, companies including Golden Team Mining, Akroma Gold, Adamus Resources, Cardinal Namdini Mining, Goldstone Akrokeri, Earl International, Xtra Gold Mining, Prestea Sankofa Gold, and Gan He Mining Resource Development will now deliver 20% of their gold exports in doré bar form to GoldBod.

Payments will be made in Ghanaian cedis at a one percent discount to the London Bullion Market Association (LBMA) spot price.

According to GoldBod, the combined output of these firms averages 200 kilograms of gold monthly. The agreement is seen as a strategic move to curb smuggling, support small-scale miners, and ensure a steady inflow of foreign exchange.

Ghana, Africa’s leading gold producer, has significantly increased its gold reserves from 8.77 metric tons in 2022 to 30.8 metric tons by February 2025. This contributed to a rise in the country’s gross international reserves, which now stand at $9.4 billion.

The global surge in gold prices—driven by rising geopolitical tensions and trade pressures, including tariffs from the United States—has prompted producing nations to maximise domestic gains. GoldBod highlighted that this agreement marks “a significant step toward optimising national benefits from Ghana’s gold resources,” reinforcing the country’s long-term economic resilience through strategic resource management.