GoldBod to buy 20% of output from 9 major mining firms under new agreement

The Ghana Gold Board (GoldBod) has finalized an agreement with nine large-scale mining companies to purchase 20% of their gold output locally, marking a major step toward increasing the country’s gold and foreign reserves.

The deal follows extensive negotiations between GoldBod management and mining companies not currently enrolled in the Bank of Ghana’s Domestic Gold Purchase Program.

The companies involved 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
Gan He Mining Resource Development Limited

Under the agreement, participating mining firms will deliver 20% of any gold intended for export to GoldBod in the form of doré bars. Deliveries will take place at GoldBod’s Assay Laboratory located at the Kotoka International Airport.

GoldBod will pay for the gold within two working days of delivery, based on the prevailing London Bullion Market Association (LBMA AM) spot price, with a 1% discount. All transactions will be conducted in Ghana cedis, using the Bank of Ghana’s daily interbank FX (weighted median) rate.

Acting Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi Esq., expressed gratitude to the participating companies and the Ghana Chamber of Mines for their collaboration and support.

“This agreement reflects our collective commitment to the vision of the President, H.E. John Dramani Mahama, to optimize the national benefits from Ghana’s gold resources,” he stated.

According to Mr. Gyamfi, the initiative aligns with GoldBod’s broader objective of boosting the nation’s gold and foreign reserve accumulation in partnership with the Bank of Ghana.

A formal signing ceremony is scheduled for May 15, 2025, with the program expected to take effect from June 1, 2025.

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