The Ghana Gold Board (GoldBod) has signed a significant agreement with nine (9) large-scale mining companies to purchase 20% of their gold output locally, strengthening the country’s gold reserves and promoting domestic beneficiation.
This milestone deal follows a series of negotiations between GoldBod’s management and representatives of mining companies that are not currently participating in the Bank of Ghana’s Domestic Gold Purchase Programme.
The companies involved in the agreement are: 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, and Gan He Mining Resource Development Limited.
According to the agreement, these mining firms will deliver 20% of any gold intended for export to GoldBod in the form of doré bars. The designated collection point for this process will be the GoldBod Assay Laboratory located at Kotoka International Airport.
All payments by the GoldBod to the companies shall be calculated based on the World Market (LBMA AM) spot price, less a 1% discount, and shall be effected within two (2) working days of the delivery of gold to the GoldBod under the agreement.
The currency for all transactions under this agreement shall be Ghana cedis, while the rate of exchange shall be the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
The Ag. Chief Executive Officer of the GoldBod, Sammy Gyamfi, thanked the companies and the Chamber of Mines for their cooperation and commitment to the vision of President John Dramani Mahama aimed at optimising national benefits from the gold resources of the country.
He indicated that this agreement is part of the GoldBod’s bid to boost gold and foreign reserve accumulation by the Bank of Ghana in line with the vision of the President.
The GoldBod and all parties have agreed to sign a written Agreement to formalize this arrangement on the 15th of May, 2025, to pave the way for the commencement of the program effective June 1, 2025.
