The Ghana Gold Board (GoldBod) has successfully secured an agreement with nine large-scale mining companies to purchase 20 percent of their gold output locally, as part of a national effort to strengthen Ghana’s gold reserves and reduce foreign dependency.

This strategic pact follows extensive negotiations between GoldBod officials and mining companies outside the scope of the Bank of Ghana’s Domestic Gold Purchase Program.

The companies participating in this initiative 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.

According to the agreement, each of the nine companies is required to deliver 20% of any gold they intend to export to GoldBod in the form of doré bars. These deliveries will be made at a designated collection point—the Assay Laboratory at the Kotoka International Airport.

Payments for the gold will be made in Ghana cedis, calculated using the London Bullion Market Association (LBMA) AM spot price with a 1% discount, and settled within two working days of delivery. The prevailing Daily Interbank FX (Weighted Median) Rate, as published by the Bank of Ghana, will be used as the standard exchange rate.

Acting Chief Executive Officer of the GoldBod, Mr. Sammy Gyamfi Esq., expressed appreciation to the mining firms and the Ghana Chamber of Mines for their support and alignment with the government's strategic objectives.

He remarked, “This agreement is part of the GoldBod’s bid to boost gold and foreign reserve accumulation by the Bank of Ghana in line with the vision of the President.”

Mr. Gyamfi further lauded the companies for their willingness to contribute to President John Dramani Mahama’s broader goal of ensuring the nation derives optimal value from its mineral wealth.

To formalize this new framework, all parties involved are expected to sign the official agreement on May 15. The program will officially begin on June 1.