Government has asked large-scale mining companies to sell 30 per cent of their annual gold output to the Bank of Ghana under a revised reserve accumulation programme aimed at strengthening the country’s external buffers and stabilising the economy.
The proposed arrangement represents an increase from the previous 20 per cent agreement reached between the central bank and mining firms through the Ghana Chamber of Mines.
The move comes at a time when central banks around the world are increasing gold reserves amid rising global prices and growing interest in bullion as a strategic reserve asset.
Ghana, Africa’s leading gold producer, launched its domestic gold purchase programme in 2022 as part of efforts to rebuild reserves and support the Ghana cedi during the country’s economic recovery.
According to Bank of Ghana data, the country’s gold reserves rose to 19.2 metric tonnes in February 2026, contributing to improved foreign reserve buffers and exchange rate stability.
Speaking on the revised policy direction, Head of the Bank of Ghana’s Gold Management Programme, Paul Bleboo, said government now intends to negotiate for 30 per cent of annual production from industrial miners, with all deliveries made in dore form.
“This time, we intend to negotiate for 30% of annual production from industrial miners, with the entire 30% to be delivered in dore form,” he stated.
Mr Bleboo disclosed that although industrial miners declared production of about 100 tonnes last year, only around 10 tonnes were delivered to the central bank, representing roughly 10 per cent instead of the agreed 20 per cent commitment.
The revised programme forms part of government’s broader target to increase Ghana’s gold reserves to about 157 tonnes by 2028, equivalent to roughly 15 months of import cover.
Authorities say the new framework will also improve traceability within the gold export chain, with GoldBod expected to play a central monitoring role in the export process.
Under the arrangement, mining companies exporting directly would still be required to retain 30 per cent of shipments in dore form to enable tracking of production volumes and reserve allocations.
The central bank, however, acknowledges that the programme comes with financial costs.
Bank of Ghana financial statements show the institution recorded an operating loss of about GH¢15.6 billion in 2025, partly linked to reserve accumulation efforts and monetary tightening measures associated with the gold purchase programme.
Mr Bleboo defended the proposed discount structure under the scheme, explaining that off-take discounts and the proposed sub-one per cent discount on industrial gold purchases reflect refining, freight and purity-related costs associated with reserve accumulation.
He argued that such costs should be viewed as necessary expenses in building national reserves.
However, mining companies say negotiations over the new arrangement remain unresolved.
Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, said discussions surrounding pricing and discount mechanisms are still ongoing and have proven complex.
Industry players are also raising concerns about the proposed volume-based discounts and the exclusion of by-products such as silver from valuation calculations.
Some mining executives reportedly fear the proposed discount could effectively amount to an additional tax burden on companies.
Others have argued that the transition timeline is too short, given that operational and production plans had initially been structured around the earlier 20 per cent requirement.
Mining firms are therefore proposing a phased increase rather than an immediate jump to the new target.
Source: Wesleyannews.com
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