Ghana will begin purchasing 30% of gold produced by large-scale mining companies from July 1, marking a major shift in the country’s strategy to strengthen foreign exchange reserves, stabilise the local currency and maximise returns from its mineral wealth.
The new policy was announced by the Ghana Gold Board (GoldBod), which said all large mining companies operating in the country will be required to sell 30% of their gold output to the state under an off-market arrangement.
The purchases will be made in Ghanaian cedis, using prices based on the London Bullion Market Association benchmark.
GoldBod said the initiative forms part of the government’s broader efforts to strengthen Ghana’s foreign exchange position by increasing official gold reserves while reducing dependence on the US dollar for reserve management. The policy is also expected to support the country’s gold-backed reserve programme, which authorities believe will help improve macroeconomic stability.
The directive applies to all mining companies that do not already have alternative agreements with the government.
Firms affected by the measure have been instructed to deliver the allocated portion of their production to GoldBod under terms outlined by the agency.
Ghana is Africa’s largest gold producer, with the precious metal accounting for a substantial share of export earnings and government revenue. In recent years, the country has increasingly turned to gold as a strategic asset to support economic reforms, strengthen the cedi and cushion the economy against external shocks.
The latest move builds on previous initiatives that allowed the central bank to accumulate gold reserves through domestic purchases. Those programmes were introduced to diversify reserve assets and reduce exposure to fluctuations in major foreign currencies.
Authorities believe expanding state purchases from large-scale miners will increase the volume of gold available for national reserves while improving the government’s ability to manage foreign exchange liquidity. The policy also aligns with broader efforts to capture greater value from Ghana’s mining sector and enhance oversight of the country’s gold trade.
The announcement comes as Ghana continues to implement economic reforms under its International Monetary Fund programme. Although the country’s macroeconomic indicators have improved over the past year, policymakers remain focused on strengthening external buffers and maintaining exchange rate stability.
The mining industry is expected to play a central role in those efforts. Gold remains Ghana’s single largest export commodity, and higher global prices have provided additional support for government revenues and export receipts.
The introduction of mandatory domestic gold sales represents one of the most significant policy changes for Ghana’s mining sector in recent years. While the government views the measure as a tool for strengthening economic resilience, investors and mining companies will be closely watching its implementation and its implications for operations in one of Africa’s most important gold-producing nations.
GoldBod said the programme will take effect from July 1, with affected mining companies expected to comply with the new requirements as the government expands its role in the country’s gold market.
Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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