GoldBod secures agreement with nine large-scale mining firms to buy 20% of their gold output

The Ghana Gold Board (GoldBod) has finalised an agreement with nine large-scale mining companies to purchase 20% of their gold output locally. The agreement, reached after extensive negotiations, excludes firms already participating in the Bank of Ghana’s Domestic Gold Purchase Programme.

The participating companies include 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.

Under the agreement, each company will deliver 20% of any gold intended for export to the GoldBod in the form of doré bars. Deliveries will be made at the GoldBod’s Assay Laboratory located at the Kotoka International Airport.

Payments from GoldBod will be made within two working days of delivery and will be based on the prevailing London Bullion Market Association (LBMA AM) spot price, subject to a 1% discount. All transactions will be conducted in Ghana cedis, using the Bank of Ghana‘s Daily Interbank FX (Weighted Median) Rate as the applicable exchange rate.

ADVERTISEMENT

Acting Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, Esq., expressed appreciation to the mining companies and the Ghana Chamber of Mines for their collaboration and commitment to the vision of President John Dramani Mahama. He emphasised that the initiative aligns with the government’s strategy to maximise national benefit from Ghana’s gold resources and to support gold and foreign reserve accumulation by the Bank of Ghana.

A formal signing ceremony is scheduled for 15 May 2025, with the program set to begin on 1 June 2025.