The Ghana Gold Board (GoldBod) has reached a historic agreement with nine large-scale mining companies to purchase 20% of their gold output for local use in the country.
The agreement was the result of extensive negotiations between the management of GoldBod and representatives of mining companies not currently part of the Bank of Ghana’s Domestic Gold Purchase Program.
The companies involved in the agreement 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 terms of the agreement, the mining companies will deliver 20% of any gold they wish to export to GoldBod in the form of doré bars. The designated collection point for the gold will be the Assay Laboratory of GoldBod at Kotoka International Airport (KIA).
All payments by GoldBod to the companies will be based on the World Market (LBMA AM) spot price, minus a 1% discount. Payments will be made within two working days of the gold delivery to GoldBod under the agreement.
The transactions will be conducted in Ghana cedis, with the exchange rate based on the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
Sammy Gyamfi Esq., the Ag. Chief Executive Officer (CEO) of GoldBod, expressed his gratitude to the companies and the Chamber of Mines for their cooperation and commitment to the vision of President John Dramani Mahama, which aims to maximize national benefits from the country’s gold resources.
He noted that this agreement is part of GoldBod’s broader strategy to boost gold and foreign reserve accumulation by the Bank of Ghana, in line with the President’s vision.
GoldBod and all parties involved have agreed to formalize the arrangement with a signed agreement on May 15, 2025, in preparation for the program’s commencement on June 1, 2025.