The Ghana Gold Board (GoldBod) has successfully negotiated an agreement with nine Large Scale Mining Companies to procure 20% of their gold production for local consumption within the country.
This significant agreement was finalized following extensive discussions between GoldBod’s management and representatives from mining firms not affiliated with the Bank of Ghana’s Domestic Gold Purchase Program.
The participating companies 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, and Gan He Mining Resource Development Limited.
According to the terms of the agreement, these mining companies are required to supply 20% of any gold intended for export to GoldBod in the form of doré bars at a specified collection point, which will be the Assay Laboratory of GoldBod located at Kotoka International Airport.
Payments made by GoldBod to the companies will be based on the World Market (LBMA AM) spot price, minus a 1% discount, and will be processed within two working days following the delivery of gold to GoldBod as stipulated in the agreement.
All financial transactions under this agreement will be conducted in Ghana cedis, with the exchange rate determined by the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
Sammy Gyamfi, the Acting Chief Executive Officer of GoldBod, expressed gratitude to the companies and the Chamber of Mines for their collaboration and dedication to President John Dramani Mahama’s vision of maximizing national benefits from the country’s gold resources.
He emphasized that this agreement is part of GoldBod’s strategy to enhance gold and foreign reserve accumulation for the Bank of Ghana, in alignment with the President’s vision.
GoldBod and all involved parties have reached a consensus to execute a formal written Agreement on May 15, 2025, thereby facilitating the initiation of the program, which will take effect on June 1, 2025.
