Ghana raises state gold purchase to 30%

Ghana is tightening its grip on gold by requiring large-scale mining companies to sell 30% of their output to the state from July 1. The move raises the previous 20% requirement and forms part of a broader plan to keep more bullion at home and capture more value from the sector.

The policy applies to gold supplied in doré form and will be managed by the state-owned Ghana Gold Board, or GoldBod. Officials say the arrangement will help rebuild foreign reserves, strengthen the cedi and support the growth of domestic refining.

The state has been buying locally produced gold since 2022 as part of a reserve diversification programme. Bank of Ghana holdings have risen to 19.2 metric tonnes, and authorities are now targeting as much as 157 metric tonnes by 2028 under the Ghana Accelerated National Reserve Accumulation Programme.

Under the new agreement, GoldBod will buy gold at a 0.55% discount to the Bank of Ghana’s reference price and pay in cedis. The government wants more bullion refined locally before being sent to an LBMA-accredited refinery for final certification.

The policy follows months of talks with major miners including Newmont, Gold Fields and Zijin Mining. It also builds on wider reforms through GoldBod, which centralises gold purchasing, improves traceability and works to reduce smuggling.

Ghana produced a record six million ounces of gold in 2025, making it Africa’s biggest producer. Gold remains the backbone of the country’s export economy, accounting for about 40% of export earnings and providing a major source of foreign exchange.

Authorities now want to move beyond raw exports and keep more of the industry’s value inside the country. If the plan works, Ghana could strengthen its role not only as a gold producer, but also as a regional hub for refining, reserve accumulation and bullion trading.