GoldBod, nine mining firms sign deal for 20% gold output

The Ghana Gold Board (GoldBod) has successfully reached a major agreement with nine large-scale mining companies to purchase 20% of their gold output locally for national purposes.

Breakthrough Agreement Following Negotiations

The deal follows extensive negotiations between GoldBod management and representatives of mining companies that are not part of the Bank of Ghana’s Domestic Gold Purchase Programme.

Under the new arrangement, these mining firms have committed to selling a portion of their gold production directly to the state through GoldBod, strengthening Ghana’s domestic gold reserves and supporting key national initiatives.

Boost for Ghana’s Gold Reserve Strategy

This development is seen as a significant boost to Ghana’s broader economic strategies, which aim to leverage gold as a critical financial asset to support monetary stability, economic resilience, and national development programs.

GoldBod’s move aligns with ongoing efforts by the government to maximize the benefits of the country’s mineral wealth for its citizens and to minimize dependence on external gold markets.

A New Era of Collaboration

Officials from both GoldBod and the participating mining companies have expressed optimism about the deal, describing it as a model for future collaboration between the state and private sector players in Ghana’s extractive industry.

Further details about the implementation timeline and the names of the participating companies are expected to be announced soon.