Goldbod signs agreement with nine mining firms to buy 20% of gold from them
The Ghana Gold Board has agreed with nine large-scale mining companies to retain 20 per cent of their gold output in the country.
The arrangement was announced in a Facebook post on April 30, 2025, by the acting Chief Executive Officer of the Ghana Gold Board, Mr Sammy Gyamfi. It follows negotiations with companies that are not part of the Bank of Ghana’s Domestic Gold Purchase Programme.
The nine companies 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 and Gan He Mining Resource Development Limited.
They have agreed to sell a fifth of their export-bound gold to the Ghana Gold Board.
Beginning June 1, 2025, each company will be required to deliver the specified portion of gold in the form of doré bars to the Board’s Assay Laboratory at the Kotoka International Airport.
Payment will be made in Ghana cedis, based on the daily interbank exchange rate published by the Bank of Ghana.
The GoldBod has said payments will be made within two working days of delivery, with the price pegged to the London Bullion Market Association (LBMA AM) spot rate, less a one per cent discount.
The agreement is expected to be formally signed on May 15, 2025.
Mr Gyamfi said the arrangement is part of government efforts to improve local gold retention, boost reserves, and reduce pressure on the cedi.
He acknowledged the role of the Ghana Chamber of Mines and the participating companies in reaching the deal, which supports the current administration’s economic direction under President John Dramani Mahama.
