Ghana Government to Acquire 30% Production from Major Gold Mining Companies

Ghana government will acquire 30% gold production from major domestic gold mining companies through agreement to promote local refinery development and support

New Ghana Gold Acquisition Regulations

Effective July 1, 2026, the Ghana government, through the Ghana Minerals Commission and the Ghana Chamber of Mines, has reached an agreement to acquire 30% of the gold production from all major gold mining companies in the country. Unlike the 2022 arrangement between the Bank of Ghana and the Chamber of Mines, the new agreement stipulates that companies must sell doré locally to GoldBod at a price 0.55% below the market rate, settled in Ghana Cedis and the central bank reference exchange rate. This aims to push at least one local refinery to obtain LBMA certification before 2030 and support Ghana's acceleration of the National Reserve Accumulation Plan (GANRAP), targeting foreign exchange reserves covering 15 months of imports by the end of 2028.

Development of Local Refining Industry

Additionally, the acquired doré will undergo preliminary processing domestically before being sent to an LBMA-certified refinery for smelting and casting, finally entering national gold reserves. Detailed agreement content will be published on July 29, 2026. Current impact on market supply, demand, and prices remains to be observed.