Ghana secures deal with nine gold mining firms
Ghana has reached new agreements with nine mining firms, requiring them to supply 20% of their gold output to the government. This measure is designed to boost the country’s gold reserves and help stabilize the national currency, the Ghanaian cedi.
Initially launched in 2022, the program included major industry players like Newmont, Gold Fields, AngloGold Ashanti, and Asanko Mining. These companies agreed to sell a fifth of their gold production to the Bank of Ghana, with payments made in local currency. Since the program’s inception, Ghana’s gold reserves have grown significantly, increasing from 8.77 metric tons in 2022 to 30.8 tons by February 2025, which in turn helped raise the country’s gross reserves to $9.4 billion.
Scope of deal
The newly signed agreement involves companies that were not previously participating in the program. These firms include Golden Team Mining, Akroma Gold, Adamus Resources, Cardinal Namdini, Goldstone Akrokeri, Earl International Group (GH), Xtra Gold, Prestea Sankofa Gold, and Gan He Mining Resource Development.
Under the deal, 20% of the gold they intend to export will be delivered to GoldBod—a government entity created to manage gold purchases from both large and small-scale miners. The gold will be provided in the form of doré bars, and the companies will be compensated in Ghanaian cedis, with pricing based on the London Bullion Market Association (LBMA) spot rate, discounted by 1%.
According to GoldBod, these nine miners collectively produce about 200 kilograms of gold per month. The goal is not only to support foreign exchange reserves, but also to curb smuggling, increase small miners’ earnings, and ensure more of Ghana’s gold wealth benefits the local economy.
