Ghana will require large-scale mining companies to sell 30% of their gold production to the state-owned Gold Board beginning July 1, up from the previous 20% requirement. The agreement, reached with the Ghana Chamber of Mines, builds on the central bank’s gold purchase program launched in 2022 to reduce reliance on foreign currencies and improve macroeconomic stability. Gold will be purchased in dore form at a small discount to the Bank of Ghana’s reference price, refined locally, and ultimately added to the country’s reserves after certification. Officials say the expanded program will strengthen foreign reserves and support Ghana’s bid for London Bullion Market Association (LBMA) accreditation. Ghana, Africa’s largest gold producer, relies on the metal for about 40% of export earnings, though much of its output is still exported in raw or semi-processed form, limiting domestic value capture.
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