Ghana is pressing large-scale gold mining companies to supply a bigger share of their annual output to the central bank as the country accelerates efforts to build strategic bullion reserves and shield the economy from external shocks.
Under a proposed new arrangement, miners would be required to deliver 30 percent of annual production to the Bank of Ghana, up from the current 20 percent requirement introduced under the country’s revised reserve strategy.
The move is part of a broader push by the central bank to strengthen foreign exchange buffers, stabilise the cedi, and reduce vulnerability to global financial pressures as gold prices remain high and access to external financing tightens.
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According to African Economic Inc, the plan forms part of Ghana’s expanding bullion accumulation programme, which was launched in 2022 and has since made gold a central pillar of the country’s reserve policy.
“Gold has become an important strategic asset for Ghana’s external stability framework,” Paul Bleboo, head of the central bank’s Gold Management Programme, said as discussions with mining companies continued over the revised supply terms.
Ghana, Africa’s largest gold producer, has steadily increased state gold purchases over the past two years, mirroring a wider global trend of central banks diversifying reserves away from traditional foreign currencies.
Central bank data show Ghana’s gold reserves climbed to 19.2 metric tons in February, supporting efforts to rebuild confidence after recent debt and currency crises.
Officials are now targeting as much as 157 metric tons in reserves by 2028, an amount the central bank says could cover roughly 15 months of imports and provide stronger protection against future economic shocks.
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Under the proposed framework, industrial miners would be expected to supply the entire 30 percent allocation in doré form, allowing the central bank to improve traceability, reserve accounting, and oversight of physical gold flows.
The state-backed trader GoldBod is expected to become the sole export channel for the allocated gold, a move authorities say will tighten monitoring and improve transparency in the sector.
But negotiations with mining companies remain unresolved.
Industry executives have raised concerns over pricing formulas, valuation methods, and proposed discounts tied to refining, logistics, and purity adjustments.
Kenneth Ashigbey, Ghana Chamber of Mines Chief Executive, said discussions were still ongoing and no final agreement had been reached.
“There are still important commercial issues that need to be resolved,” Ashigbey said, pointing to disagreements over discounts and the treatment of byproducts such as silver.
Mining firms have argued that changes to valuation structures could affect project economics, especially for companies that had already built production plans around the earlier 20 percent requirement.
The central bank, however, has defended the proposal, saying the discount under discussion is below 1 percent and reflects standard costs linked to refining and reserve management.
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Officials also acknowledged that miners were seeking a phased transition toward the higher supply threshold rather than an immediate jump to 30 percent.
The reserve expansion comes at a financial cost.
The Bank of Ghana reported an operating loss of 15.6 billion cedis in 2025, driven largely by aggressive monetary tightening measures and the expense of accumulating gold reserves.
Still, authorities argue that building a larger bullion stockpile is critical to reinforcing macroeconomic stability and protecting the economy against future currency volatility.
The outcome of the ongoing negotiations is expected to determine how quickly Ghana can scale up its gold reserves in the coming years.
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