Ghana Seeks Larger Share of Gold Output for Central Bank Reserves as Talks with Miners Continue
Ghana is seeking to increase the share of gold production sold to its central bank by large-scale mining companies as part of an expanded reserve accumulation programme aimed at strengthening external buffers and supporting currency stability.
Under the revised proposal, industrial gold miners would supply 30% of their annual production to the Bank of Ghana in dore form, up from the current 20% target, according to central bank officials.
However, negotiations with mining companies are still ongoing, with key issues such as pricing, discounts, and implementation timelines yet to be resolved.
Central banks around the world have increased gold purchases in recent years as rising bullion prices and global economic uncertainty reinforce gold’s role as a reserve asset.
Ghana, Africa’s largest gold producer, launched its domestic gold purchase programme in 2022 and later reached an agreement with members of the Ghana Chamber of Mines to supply part of their annual production to the central bank.
According to Bank of Ghana data, the country’s gold reserves rose to 19.2 metric tons by February, helping support the Ghanaian cedi and rebuild foreign exchange reserves following the country’s recent economic crisis.
Reserve Targets Expanded
The government revised the programme earlier this year with the goal of building reserves to as much as 157 metric tons by 2028 equivalent to roughly 15 months of import cover.
Paul Bleboo, head of the Bank of Ghana’s Gold Management programme, said the central bank intends to negotiate a 30% annual supply arrangement with industrial miners, with all deliveries made in dore form to improve traceability and reserve management.
Bleboo noted that industrial miners delivered around 10 metric tons of gold last year despite declared production of approximately 100 metric tons, meaning actual deliveries fell below the earlier 20% target.
The central bank is also seeking tighter oversight of exports through state gold trading agency GoldBod, which is expected to play a central role in monitoring gold flows and allocations.
Industry Concerns Over Pricing and Terms
Mining companies say discussions remain unresolved, particularly around pricing structures and proposed discounts linked to the reserve programme.
Ghana Chamber of Mines CEO Kenneth Ashigbey said negotiations are continuing and described the pricing discussions as complex.
Industry representatives have reportedly raised concerns over proposed volume-based discounts and valuation methods for by-products such as silver.
Some mining executives also argue that the proposed discount structure could effectively increase operational costs for producers.
Officials at the central bank have defended the proposed discounts, saying they reflect refining, transportation, and purity-related costs associated with building national reserves.
Economic and Financial Implications
The reserve-building initiative forms part of Ghana’s broader efforts to stabilize its economy after a severe debt and currency crisis.
However, the programme has also contributed to financial pressures at the central bank.
The Bank of Ghana reported an operating loss of approximately GHS15.6 billion ($1.37 billion) in 2025, driven in part by monetary tightening measures and costs associated with the gold accumulation programme.
Mining companies have also expressed concerns about the pace of implementation, arguing that operational and commercial planning had previously been based on the earlier 20% allocation level and suggesting that any increase should be phased in gradually.
