Ghana has expanded its gold purchase programme by securing an agreement with nine additional mining companies to acquire 20% of their gold output. Apexnewsgh reports
The deal, announced by GoldBod, aims to strengthen the country’s gold reserves and stabilize the Ghanaian cedi.
The agreement marks a significant milestone in consolidating the Bank of Ghana’s efforts to build reserves through local gold acquisition. The companies involved will deliver 20% of their gold exports in doré bar form to GoldBod, with payments made in Ghanaian cedis at a one percent discount to the London Bullion Market Association (LBMA) spot price.
The combined output of these firms averages 200 kilograms of gold monthly. This strategic move is expected to curb smuggling, support small-scale miners, and ensure a steady inflow of foreign exchange. Ghana, Africa’s leading gold producer, has significantly increased its gold reserves from 8.77 metric tons in 2022 to 30.8 metric tons by February 2025.
This development has contributed to a rise in the country’s gross international reserves, now standing at $9.4 billion. GoldBod highlighted that this agreement marks “a significant step toward optimising national benefits from Ghana’s gold resources,” reinforcing the country’s long-term economic resilience through strategic resource management.
Source: Apexnewsgh.com
