The Ghana Gold Board (GoldBod) has reached a significant agreement with nine large-scale mining companies to retain 20% of their gold output within the country, marking a major milestone in efforts to strengthen Ghana’s domestic gold reserves.

This breakthrough follows a series of negotiations between GoldBod and mining firms not currently participating in the Bank of Ghana’s Domestic Gold Purchase Program.

The companies involved in the agreement include:
• Golden Team Mining Company Limited
• Akroma Gold Limited
• Adamus Resources Limited
• Cardinal Namdini Mining Limited
• Goldstone Akrokeri Limited
• Earl International Group (GH) Limited
• Xtra Gold Mining Limited
• Prestea Sankofa Gold Limited
• Gan He Mining Resource Development Limited

Under the agreement, each company will deliver 20% of any gold intended for export to GoldBod in the form of doré bars. Deliveries are to be made at GoldBod’s Assay Laboratory located at Kotoka International Airport.

Payments from GoldBod to the mining companies will be made in Ghana cedis within two working days, calculated based on the LBMA AM spot price minus a 1% discount. The exchange rate applied will be the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.

Acting CEO of GoldBod, Sammy Gyamfi, expressed gratitude to the mining firms and the Ghana Chamber of Mines for their collaboration and commitment to President John Dramani Mahama’s vision of maximizing national value from the country’s gold resources.

“This agreement is a key step in our effort to support the Bank of Ghana’s gold and foreign reserve accumulation strategy,” Gyamfi noted.

A formal signing ceremony is scheduled for May 15, 2025, with the initiative expected to take full effect on June 1, 2025.