Ghana's government will now buy 30% of annual gold output from large-scale miners for its central bank. This is an increase from the previous 20% target. The goal is to build up the nation's gold reserves, according to a senior official.
This expanded gold purchase program seeks to boost Ghana's gold reserves to 157 metric tons by 2028. This would provide 15 months of import cover. Such strong reserves can help stabilize the Ghanaian cedi, which is the national currency. It also helps to rebuild external buffers as the economy recovers from its recent crisis.
The Bank of Ghana launched its bullion purchase program in 2022. It later secured an agreement with miners, through the Ghana Chamber of Mines, to supply 20% of their annual output. Gold reserves reached 19.2 metric tons in February, according to Bank of Ghana data. Central banks around the world are increasing their gold holdings. This reflects the appeal of gold as a reserve asset due to soaring prices.
Paul Bleboo, head of the central bank's Gold Management program, stated the new target. He said the central bank intends to negotiate for 30% of annual production from industrial miners. This entire 30% will be delivered in dore form. Dore is a semi-pure alloy of gold and silver typically produced at a mine site. Mr. Bleboo noted that industrial miners delivered about 10 tons last year. This was against a declared production of about 100 tons, which is only 10% of their output.
The central bank also aims to improve how gold is tracked. State gold trader GoldBod will act as the gatekeeper for all gold exports. If companies export directly, the bank wants 30% of these shipments to be retained in dore. This helps to track volumes and allocations properly. The central bank reported an operating loss of GHS 15.6 billion (equivalent to $1.37 billion) in 2025. This was partly due to the costs of monetary tightening and building reserves, including losses from the gold purchase program.
Mr. Bleboo indicated that off-take discounts and a proposed discount of under 1% on industrial gold purchases are necessary. He explained these reflect refining, freight, and purity costs. Miners, however, are still discussing these terms. Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, said that discussions on pricing and discounts are complex. He also stated that no agreement has been reached yet. A mining executive mentioned that miners oppose volume-based discounts. They also oppose zero valuation for byproducts like silver. The proposed 1% discount could become like a tax. Companies also built their plans around the previous 20% level. They have suggested a gradual increase to 30%, rather than an immediate jump.