Ghana has secured agreements with nine additional mining companies to purchase 20% of their gold production, strengthening a government-backed program aimed at increasing the country’s gold reserves and stabilizing the national currency.
This move builds on a 2022 initiative, in which major producers including Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining agreed to sell a portion of their annual output to the Bank of Ghana, with payments settled in Ghanaian cedis.
As a result of the ongoing program, Ghana’s central bank has quadrupled its gold holdings—from 8.77 metric tons in 2022 to 30.8 tons by February 2025—pushing gross reserves to $9.4 billion.
The new agreement, announced by GoldBod, a government agency created to streamline gold purchases and curb smuggling, includes the following companies:
Golden Team Mining Company Limited
Akroma Gold Limited
Adamus Resources Limited
Cardinal Namdini Mining Limited
Goldstone Akrokeri Limited
Earl International Group (GH) Limited
Xtra Gold Mining Limited
Prestea Sankofa Gold Limited
Gan He Mining Resource Development Limited
Under the deal, participating companies will deliver 20% of their intended export volumes in the form of doré bars to GoldBod. They will be paid in cedis, at a 1% discount to the London Bullion Market Association (LBMA) spot price.
According to GoldBod, the nine miners collectively produce around 200 kilograms of gold per month.
“This agreement represents a significant step toward optimizing national benefits from Ghana’s gold resources,” GoldBod said in a statement on X.
The initiative also comes amid a 29% surge in gold prices this year, driven by geopolitical uncertainty and tariff tensions linked to the United States.
