Ghana Seeks Bigger Gold Share From Miners to Strengthen Central Bank Reserves
The government plans to raise its gold purchase requirement from miners to 30% of output as part of efforts to boost Bank of Ghana reserves, though negotiations remain ongoing.
- Government wants miners to supply 30% of annual gold output, up from 20%.
- Gold reserves have risen to 19.2 metric tons, supporting the cedi and external buffers.
- Mining firms say key issues like pricing and discounts are still under negotiation.
Ghana has asked large-scale gold mining companies to sell 30% of their annual production to the Bank of Ghana as part of an expanded strategy to strengthen national foreign reserves, according to a senior central bank official.
The proposal marks an increase from the previous 20% requirement agreed with miners through the Ghana Chamber of Mines under the country’s bullion purchase programme launched in 2022. The initiative aims to boost gold holdings as global demand for bullion rises and central banks seek safer reserve assets.
Ghana, Africa’s largest gold producer, has been steadily increasing its gold reserves, which reached 19.2 metric tons in February. The accumulation has helped support the local currency, the cedi, and rebuild external financial buffers following recent economic difficulties.
Under the revised plan, the central bank targets building reserves of up to 157 metric tons by 2028, equivalent to about 15 months of import cover.
Paul Bleboo, head of the Bank of Ghana’s Gold Management programme, said the government intends to negotiate for 30% of output from industrial miners, with all deliveries made in doré form to improve tracking and transparency.
He noted that actual deliveries have lagged behind commitments, with miners supplying about 10% of production last year instead of the agreed 20%.
The state-owned GoldBod will oversee exports as part of efforts to ensure tighter control and traceability of gold shipments.
However, mining companies say discussions are still ongoing and no final agreement has been reached. The Ghana Chamber of Mines says key issues, including pricing and discount levels, remain unresolved.
Some industry players oppose proposed discounts and changes to valuation rules, arguing that they could increase costs and affect profitability. They are also calling for a gradual transition from the current 20% arrangement rather than an immediate increase.
The Bank of Ghana has also faced financial pressure, reporting a loss of about 15.6 billion Ghana cedis in 2025, largely linked to the costs of tightening monetary policy and expanding its gold reserve programme.
Despite the challenges, officials say the programme remains essential for strengthening Ghana’s financial stability and reducing vulnerability to external shocks.
