The Ghana Gold Board (GoldBod) has reached a significant agreement with nine large-scale mining companies to purchase 20% of their gold output locally. The agreement, reached after a series of negotiations, aims to boost gold and foreign reserve accumulation by the Bank of Ghana.
The participating mining companies include 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.
Under the agreement, the mining companies will deliver 20% of their gold output to GoldBod in the form of doré bars at a designated collection point. Payments will be calculated based on the World Market spot price, less a 1% discount, and will be made in Ghana cedis within two working days of delivery.
The Ag. Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi Esq., thanked the companies and the Chamber of Mines for their cooperation, stating that the agreement aligns with the President’s vision to optimize national benefits from gold resources.
A written agreement will be signed on May 15, 2025, paving the way for the program to commence on June 1, 2025. This development is expected to contribute significantly to Ghana’s gold and foreign reserve accumulation.
Source: Ghana Palaver
