Ghana Increases Gold Sales to State to 30% as It Builds Reserves and Expands Domestic Refining Strategy
Africa’s largest gold producer, Ghana, is increasing the volume of gold that mining companies must sell to the state as part of a broader strategy to strengthen foreign reserves, stabilise the national currency, and retain more value from its mineral resources.
From July 1, large-scale mining companies operating in the country will be required to sell 30% of their gold output to the state-owned Ghana Gold Board (GoldBod), up from the previous requirement of 20%.
The agreement was reached in consultation with the Ghana Chamber of Mines and covers doré gold and semi-processed bullion intended for further refining.
The policy is part of Ghana’s wider economic reform programme aimed at reducing external vulnerabilities following years of financial pressure and debt restructuring.
It also reflects a growing global trend in which resource-rich countries seek greater control over commodity value chains.
Strengthening reserves and financial stability
Gold has become an increasingly important reserve asset for central banks worldwide, supported by record prices and sustained geopolitical uncertainty.
Many countries have accelerated gold accumulation as part of broader efforts to diversify foreign exchange reserves.
Ghana began its domestic gold purchase programme in 2022 through the Bank of Ghana. Since then, official reserves have risen to approximately 19.2 metric tonnes.
Authorities are now targeting up to 157 metric tonnes by 2028 under the Ghana Accelerated National Reserve Accumulation Programme, equivalent to around 15 months of import cover.
Under the revised arrangement, GoldBod will purchase gold at a 0.55% discount to the Bank of Ghana reference price, with payments made in local currency.
Expanding domestic refining capacity
Beyond reserve accumulation, the policy is designed to support the development of a domestic gold refining industry.
The government aims to reduce reliance on exporting semi-processed bullion and instead increase the proportion of gold refined locally before final certification.
Gold is currently exported for London Bullion Market Association (LBMA) accreditation through external refineries. Ghana is targeting at least one domestically based LBMA-accredited refinery by 2030, a development that would allow the country to capture more value from its gold production and strengthen its position in global bullion markets.
Industry engagement and policy expansion
The revised sales agreement follows discussions between the government and major mining companies operating in Ghana, including Newmont, Gold Fields, and Zijin Mining.
The proposal to increase mandatory state purchases from 20% to 30% was part of broader negotiations aimed at accelerating reserve accumulation and improving local value retention.
The policy also builds on reforms introduced through GoldBod, the state agency responsible for centralising gold purchasing, improving traceability, and reducing illicit gold trade.
GoldBod already purchases all output from Ghana’s licensed artisanal and small-scale mining sector, and the inclusion of large-scale producers significantly expands its mandate.
Economic importance of gold sector
Ghana produced a record six million ounces of gold in 2025, maintaining its position as Africa’s top producer.
Gold accounts for roughly 40% of the country’s export earnings and remains a key source of foreign exchange.
However, much of the production has historically been exported in semi-processed form, limiting the country’s ability to capture downstream value.
The government’s current reforms aim to address this gap by increasing domestic processing, strengthening reserves, and developing a more integrated gold value chain.
Broader shift in resource policy
Across resource-rich economies, governments are increasingly pursuing policies that require greater domestic processing and value addition for critical minerals and precious metals.
These strategies are designed to support industrial development, create skilled employment, and reduce dependence on volatile global commodity markets.
If fully implemented, Ghana’s revised gold purchasing framework could strengthen its fiscal resilience while positioning the country as a regional hub for bullion refining, trading, and reserve management.
