Ghana expands gold purchase programme 

Ghana has signed a deal with 9 additional mining companies to buy 20 per cent of their gold output, expanding a programme aimed at boosting gold reserves and stabilising the local currency.

The new agreement, announced Wednesday by state agency GoldBod, brings more producers into a scheme originally launched in 2022 with firms such as Gold Fields, Newmont, AngloGold Ashanti, and Asanko Mining. Under the programme, gold is purchased in cedis and delivered in doré bars, with prices discounted at 1 per cent below the London Bullion Market Association spot rate.

The latest companies include Golden Team Mining, Akroma Gold, Adamus Resources, Cardinal Namdini, Goldstone Akrokeri, Earl International, Xtra Gold, Prestea Sankofa, and Gan He Mining. Together, they produce around 200kg of gold monthly.

The Bank of Ghana’s gold reserves rose from 8.77 metric tons in 2022 to 30.8 tons by February 2025, helping push gross reserves to $9.4 billion.

Attribution: Reuters
Subediting: M. S. Salama