Ghana Seeks Bigger Share of Gold Wealth With New Refining Mandate

Ghana has launched an ambitious plan to secure a larger share of its gold wealth, proposing that large scale mines must sell at least 30% of their annual output to the central bank. The move is designed to expand local refining capacity and strengthen the country’s foreign exchange reserves.

Under the current rules, major producers already sell 20% of their gold to the state owned Ghana Gold Board. The key difference in the new proposal is that the entire 30% quota must be delivered as doré, a semi pure form of bullion that requires final processing at a refinery. “We want to increase the local refining capacity and create jobs through value addition,” said Paul Bleboo, the central bank’s head of gold management.

The initiative comes as gold prices trade above 4,500 dollars an ounce, intensifying competition among resource rich nations to capture more value from their commodities. Ghana, Africa’s largest bullion producer, sees its gold reserves as a crucial tool for economic stability. The cedi gained against the dollar for the first time in at least three decades last year, bolstered by the government’s gold buying program, and has remained relatively stable despite global pressures.

Miners have agreed in principle to the higher 30% threshold, but the finer details remain under negotiation. The government has proposed buying the doré at a 1% discount to the spot market price, a point of contention for producers including major operators like AngloGold Ashanti, Gold Fields, and Newmont. “Discussions on pricing and discounts are not straightforward and no agreement has been reached,” said Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, though the industry group does support the broader objectives of expanding local refining.

The urgency behind the policy is underscored by Ghana’s gold reserve targets. The central bank is aiming to accumulate up to 157 tons of gold by 2028, equivalent to 15 months of import cover, a steep climb from the 19.2 metric tons held as of February. With gold accounting for a staggering 67% of Ghana’s exports in 2025, the stakes are undeniably high.

If an agreement on the final commercial terms is reached, the ambitious new policy could be implemented as early as June 1st.

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