Ghana Gives GoldBod $430m to Boost Gold Purchases and Build National Reserves
Ghana has approved a 5-billion cedi ($430 million) allocation to the Ghana Gold Board (GoldBod) to finance domestic gold purchases as the country seeks to strengthen its reserves and retain more value from its gold industry.
The funding will enable GoldBod to increase purchases of locally produced gold, particularly from artisanal and small-scale miners, as part of the government’s broader strategy to formalise the sector and reduce gold smuggling.
The initiative also supports Ghana’s Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build the country’s foreign exchange reserves and increase the role of gold in national reserve management.
Under a new agreement with large-scale mining companies, GoldBod will purchase 30% of their gold output from July 1, 2026. The gold will be bought locally in Ghanaian cedis, refined and ultimately incorporated into the country’s reserves.
The strategy comes as Ghana seeks to maximise the economic benefits of its position as Africa’s leading gold producer, while strengthening domestic value addition and reducing reliance on raw gold exports.
The government aims to have at least one Ghanaian gold refinery achieve London Bullion Market Association accreditation by 2030, supporting its broader ambition to retain more value from the country’s mineral resources.
