The Bank of Ghana (BoG) will increase the mandatory portion of annual gold production that large-scale mining companies must sell to the Central Bank from 20% to 30%. This strategic shift aims to strengthen Ghana’s national gold reserves. The government directed this change as part of a revised strategy.
This increased gold acquisition is critical for Ghana's economic stability. The BoG seeks to boost its reserves to 157 metric tons by 2028. This target equates to approximately 15 months of import cover. Accumulating gold enhances the central bank's external buffers. This also helps support the value of the Ghana cedi (GHS).
Ghana is Africa's leading gold producer and started its gold bullion purchase programme in 2022. This initiative aimed to build up the country's gold reserves. Data from the Bank of Ghana shows that gold reserves reached 19.2 metric tons in February. This helped stabilize the GHS and supported the country's economic recovery. This new 30% target is an ambitious step. It fits into the broader goal of long-term economic resilience.
Paul Bleboo, head of the central bank's Gold Management Programme, confirmed the plan. He stated the authorities will negotiate for 30% of annual output from industrial miners. This full amount will be supplied in dore form. This is gold that has not yet been fully refined. He also noted that industrial miners supplied around 10 tons last year. This was out of an estimated 100 tons in production and fell short of the 20% commitment. The central bank also aims to improve traceability with this new policy. The state-owned gold trader GoldBod will act as the central “gatekeeper”. All exports will pass through this entity.
The BoG reported an operating loss of GHS 15.6 billion in 2025. This was equivalent to $1.37 billion. This loss was largely due to monetary tightening and expanding reserve accumulation costs. These costs included losses linked to the gold purchase programme. Mr. Bleboo mentioned that off-take discounts are necessary. These include a proposed discount of just under 1% on industrial gold purchases. This discount accounts for refining, freight, and purity-related costs. He views these as part of the expense of building national reserves.
However, mining companies have expressed concerns about the proposed changes. Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, stated that negotiations over pricing and discounts are ongoing. No final agreement has been reached. A mining industry executive also added that firms oppose volume-based discounts. They also disagree with the zero valuation of by-products like silver. Companies worry that the proposed 1% discount could function as a tax. They also face tight implementation timelines, as current operational plans factored in a 20% requirement. The industry advocates for a gradual increase in the policy to allow for better planning.
This increased gold purchase strategy is crucial for Ghana's financial future. It could significantly strengthen the GHS and boost national assets. However, the success of this policy depends on reaching agreeable terms with mining companies. The ongoing negotiations on pricing and discounts will be critical. Stakeholders will closely monitor how these discussions progress and impact the mining sector and broader economy. Decision-makers need to find a balance between national reserve goals and industry viability.