The government has asked large-scale gold mining companies to sell 30% of their annual output to the central bank as part of efforts to strengthen Ghana’s foreign reserves, according to a senior official cited by Reuters. The proposal represents an increase from the existing 20% arrangement, although mining firms say key commercial terms are still under negotiation.
Ghana, Africa’s leading gold producer, introduced its bullion purchase programme in 2022 as part of efforts to build reserves and reduce pressure on the local currency. The initiative was initially agreed with the Ghana Chamber of Mines, under which miners supplied 20% of their annual production to the Bank of Ghana.
Central banks around the world have increasingly turned to gold as a reserve asset, driven in part by rising global prices and the need to diversify foreign holdings.
Under the programme, Ghana’s gold reserves rose to 19.2 metric tons by February, according to Bank of Ghana data. This increase has contributed to stabilising the cedi and strengthening external buffers as the country continues its economic recovery.
The government has since revamped the initiative, targeting as much as 157 tons in reserves by 2028—equivalent to about 15 months of import cover.
Paul Bleboo, head of the central bank’s Gold Management Programme, said the new proposal seeks to secure up to 30% of annual production from industrial miners, with all deliveries expected in doré form to improve traceability.
He also noted that actual deliveries have fallen short of expectations, with industrial miners supplying about 10 tons last year compared to roughly 100 tons of declared production—well below the 20% commitment.
The Bank of Ghana is also relying on state-backed GoldBod as a key channel to regulate exports and ensure proper tracking of shipments.
However, negotiations with mining companies remain ongoing. Ghana Chamber of Mines CEO Kenneth Ashigbey said discussions around pricing and discounts are still unresolved, while a mining executive indicated that companies have concerns about the proposed terms.
Among the issues raised are objections to volume-based discounts, valuation of byproducts such as silver, and the proposed under 1% discount on purchases, which miners argue could function as an additional tax. They are also calling for a gradual transition, noting that current production plans were built around the earlier 20% requirement.
The Bank of Ghana, meanwhile, maintains that the proposed discount reflects processing and logistics costs and should be viewed as part of the broader effort to build national reserves.
