Ghana Expands Gold Reserves by Securing Deal to Buy 20% of Output from Nine Mining Companies

Ghana has signed an agreement with nine additional mining companies to purchase 20 per cent of their gold output. The move is aimed at improving the country’s gold reserves.

The agreement was announced on Wednesday by GoldBod, a government agency responsible for gold purchases and curbing smuggling. It extends a 2022 deal with major firms like Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining.

Under the new arrangement, the nine companies will supply 20 per cent of the gold they intend to export in the form of doré bars. In return, they will be paid in Ghanaian cedis at a one per cent discount to the London Bullion Market Association (LBMA) spot price.

The companies include Golden Team Mining, Akroma Gold, Adamus Resources, Cardinal Namdini Mining, Goldstone Akrokeri, Earl International Group (GH), Xtra Gold Mining, Prestea Sankofa Gold, and Gan He Mining Resource Development. Combined, they produce about 200 kilograms of gold each month.

Since the launch of the gold purchase programme in 2022, Ghana’s gold holdings have increased significantly. The Bank of Ghana’s reserves rose from 8.77 metric tons in 2022 to 30.8 tons as of February 2025, pushing total reserves to $9.4 billion.

As global gold prices have surged by 29 per cent this year – driven by geopolitical tensions and trade uncertainty– Ghana is positioning itself to extract more value from its status as Africa’s top gold producer.

Meanwhile, GoldBod has extended the deadline for gold dealers to reapply for licences under the new regulatory framework. The extension applies to dealers holding older licences issued by the Precious Minerals Marketing Company (PMMC) or the Ministry of Lands and Natural Resources. The agency stated that May 21, 2025 would be the deadline and urged dealers to align with current licensing requirements.

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