GoldBod seals $1bn pact to develop 300 mines

The Ghana Gold Board (GoldBod) has signed a Memorandum of Understanding (MoU) with Goldstream Global DMCC for an investment of up to US$1 billion to support the establishment of 300 mines across the country.

Announcing the deal at the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025, Chief Executive Officer of GoldBod, Sammy Gyamfi, said the agreement would transform Ghana’s gold sector and create jobs for young people.

“On 22nd August 2025, the Gold Board signed a Memorandum of Understanding with Goldstream Global DMCC. This MOU would eventually transform into a commercial agreement by November 2025 for the investment of up to $1 billion USD in establishing over 300 responsible mines in blocked out mineralised areas and in partnership with concession owners,” he said.

The initiative, dubbed the Mining Support Programme, will be implemented in collaboration with the Ministry of Lands and Natural Resources and its agencies, including the Minerals Commission. It seeks to develop mineralised areas while partnering with concession owners and local communities to boost national gold output through sustainable mining practices.

“This crucial Mining Support Programme will increase national gold output and create thousands of jobs in the mining ecosystem for the teeming unemployed youth of our country,” Mr Gyamfi noted.

Already, the Minerals Commission has released 10 blocked-out mineralised areas to GoldBod for the programme and has pledged to release more in the coming weeks. The plan also aims to formalise artisanal and small-scale mining, while providing financing for environmentally friendly equipment.

“Our mission is to sustainably increase Ghana’s gold output and develop the country’s gold supply chain responsibly from the country’s heartland to global vaults, empowering communities while delivering sustainable and transformational returns,” Mr Gyamfi stressed.

He added that financing models for mining must evolve to unlock the sector’s full potential. “Current financing models for mining in Ghana are too conservative. We need African capital structures to provide bold but practical financing solutions for the minerals and mining sector to maximise production and optimise recovery, particularly in this time of record high international gold prices,” he explained.

The GoldBod CEO emphasized that the partnership with Goldstream Global would also drive innovation and support the government’s vision of positioning the minerals and mining industry as a driver of employment and national development.

“This is about creating sustainable livelihoods for our youth and maximising Ghana’s gold wealth for the benefit of all citizens,” he concluded.

Read also…