Ghana raises mandatory state gold purchases to 30% as central banks hoard bullion

Tue June 30 2026

Is tightening its grip on domestically produced gold, requiring large-scale mining companies to sell 30% of their output to the state from 1 July — up from the previous 20% threshold — as the country moves to rebuild foreign reserves and support the cedi.

The policy, announced on Thursday, was agreed through the Ghana Chamber of Mines and applies to gold supplied in doré form — semi-refined bars produced before final refining. It takes effect as central banks worldwide accelerate gold accumulation amid record bullion prices, persistent geopolitical tensions, and broad efforts to diversify reserve assets.

Under the arrangement, the state-owned Ghana Gold Board (GoldBod) — the government entity responsible for purchasing and managing domestically produced bullion — will buy the gold at a 0.55% discount to the Bank of Ghana’s reference price, with payments settled in Ghanaian cedis.

The move reflects a broader ambition to position Africa’s largest gold producer further up the bullion value chain, rather than remaining primarily an exporter of raw material. Ghana has undergone significant economic turbulence in recent years, including a sovereign debt restructuring, and authorities are seeking additional buffers against external shocks.

The Bank of Ghana began purchasing domestically produced gold in 2022 as part of a reserve diversification programme. Official holdings have since grown to 19.2 metric tonnes. Authorities are now targeting as much as 157 metric tonnes — equivalent to roughly 15 months of import cover — by 2028, under the Ghana Accelerated National Reserve Accumulation Programme.

The revised purchase requirement forms part of that accumulation strategy, giving the state a larger share of output to channel into reserves or deploy as a source of foreign currency when needed. Ghana’s policy shift sits within a wider pattern across resource-rich African countries seeking to capture more domestic value from mineral wealth rather than exporting it in raw or semi-processed form. The timing is also significant globally: central banks have been adding gold to their reserves at one of the fastest rates in decades, driven by a desire to reduce exposure to dollar-denominated assets and hedge against geopolitical risk.

For Ghana, larger gold reserves also improve confidence in the country’s reserve position — a consideration that carries particular weight as the government works to restore macroeconomic stability following its debt restructuring.

The agreement with the Chamber of Mines — the industry body representing large-scale mining operators in Ghana — signals that the policy was negotiated rather than imposed unilaterally, though no individual mining companies were named in the announcement.

Source: https://businessfront.com/