The Ghana Gold Board (GOLDBOD) will develop and operate its own gold mines on behalf of the state. These new mines will allocate ownership stakes of between 10% and 20% to local communities.
Chief Executive Sammy Gyamfi confirmed this plan during a meeting with the National House of Chiefs on Friday, May 29, 2026. The government seeks to establish state-backed mining operations rather than just buying gold from private producers. This strategy aims to increase Ghana's control over its gold resources and ensure local communities benefit directly from mining activities.
This initiative represents a significant shift in Ghana's mining policy. Historically, the nation has largely relied on private companies for gold extraction. The new approach aligns with broader government efforts to enhance local content and state participation across key economic sectors. It also addresses long-standing concerns about community benefits from natural resources, seeking to provide direct financial and ownership incentives.
Gyamfi stated the government directive supports GOLDBOD developing its own mines. He said, "The President has told us to go into the development of our own mines — mines that will be owned by the GOLDBOD for and on behalf of the state." He added that the Ghana Geological Survey Authority is collaborating on this. They received government funding for geological investigations in areas designated by the Minerals Commission. These surveys aim to produce reliable data for identifying commercially viable mineral deposits, a process Gyamfi noted was overlooked in the past.
The move by GOLDBOD signifies a strategic redirection for Ghana's gold sector. It suggests a future where the state plays a more direct role in resource extraction and management. This intervention could lead to increased national revenue from gold, potentially reducing reliance on foreign mining companies. Decision-makers will observe how this model impacts investment flows and overall gold production in Ghana. The success of community engagement, especially the distribution of ownership stakes, will also be a key factor to watch.
Geological investigations have already begun in three promising areas. Exploration activities in Atuna faced rejection from local traditional leaders. However, chiefs in Funsi in the Upper West Region and Binsiri have approved the exploration work. Gyamfi stated GOLDBOD plans to expand exploration to other parts of the country. Traditional authorities will hold the 10% to 20% equity stakes as a free-carried interest on behalf of local residents. Gyamfi emphasised, "When we open a GOLDBOD mine, GOLDBOD will not own it 100 percent with its partners." This ensures significant community ownership from the outset.