BTA Admin Government moves to tighten control over gold exports, build foreign reserves and push local refining as Ghana deepens efforts to capture more value from its mineral wealth.
Ghana’s gold sector is entering a major new phase after the Ghana Gold Board (GoldBod) secured an agreement to purchase 30% of the gold output of all large-scale mining companies operating in the country.
The new arrangement, reached with the Ghana Chamber of Mines, will take effect from July 1, 2026.
Under the agreement, all participating mining companies will sell 30% of their gold production locally to GoldBod in doré form at a 0.55% discount and in Ghana cedis using the Bank of Ghana reference exchange rate.
Major shift from previous BoG arrangement
The deal replaces the earlier 2022 gold purchasing arrangement between the Bank of Ghana and the Chamber of Mines.
Unlike the previous framework, GoldBod will now directly handle purchases as part of a broader government strategy to strengthen local value retention, increase foreign reserves and expand Ghana’s control over its gold industry.
According to a statement issued by GoldBod, all purchased gold will be refined locally before being shipped to London Bullion Market Association (LBMA)-certified refineries for final melting and stamping.
The refined gold will then form part of Ghana’s official gold reserves held by the Bank of Ghana.
Push for local refining and reserve accumulation
Government officials say the initiative forms part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build foreign reserves equivalent to 15 months of import cover by the end of 2028.
The programme also supports President John Mahama’s broader ambition of eliminating raw mineral exports by 2030 and increasing local processing across the mining sector.
Authorities believe the new framework could help Ghana capture significantly more economic value from its gold resources rather than relying primarily on raw exports.
Ghana targets LBMA-certified refinery by 2030
A central objective of the agreement is to position Ghana to secure LBMA accreditation for at least one local gold refinery before the end of the decade.
Achieving LBMA certification would allow Ghanaian refineries to produce internationally recognised gold bars acceptable in major global bullion markets, potentially strengthening the country’s role in the global gold trade.
Industry analysts say local refining could also create additional jobs, improve foreign exchange retention and deepen Ghana’s downstream mining industry.
Growing resource nationalism in Ghana’s mining sector
The agreement comes as Ghana intensifies efforts to increase local participation and state influence across strategic natural resource industries.
Recent government policies have included higher gold royalties, tighter control over small-scale mining exports and broader discussions around retaining more mineral wealth within the country.
Gold remains Ghana’s single largest export earner and a critical source of foreign exchange.
With global gold prices remaining elevated amid economic uncertainty and central bank demand, authorities appear determined to use the commodity boom to strengthen Ghana’s reserves position and reduce external vulnerabilities.
More details expected next month
GoldBod said additional details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Chamber of Mines and GoldBod will be published on July 29, 2026.
Ghana’s decision to channel 30% of large-scale gold production through GoldBod marks one of the country’s most ambitious efforts yet to increase control over its gold industry.
The move signals a broader shift toward local refining, reserve accumulation and resource nationalism as government seeks to capture more value from Africa’s largest gold-producing economy.
