Govt to Buy 30% Gold from Miners to Boost BoG Reserves
Ghana has requested large-scale gold mining companies to supply 30 per cent of their annual production to the Bank of Ghana (BoG) as part of an expanded bullion accumulation programme aimed at strengthening national foreign reserves, a senior official has disclosed.
The proposal represents an increase from the existing 20 per cent arrangement under the country’s domestic gold purchase framework, which was introduced in 2022 to support reserve accumulation and stabilise the local currency.
The initiative is part of broader efforts to deepen gold-backed reserve buffers as global central banks increasingly turn to bullion as a safe-haven asset amid elevated commodity prices and persistent financial uncertainty.
According to BoG officials, Ghana’s gold reserves stood at 19.2 metric tons as of February, contributing to improved external sector stability and helping to support the performance of the cedi during a period of economic recovery.
The central bank has previously indicated plans to significantly expand its reserve position, targeting up to 157 metric tons, equivalent to roughly 15 months of import cover by 2028 under a revised gold accumulation strategy.
Speaking on the proposed changes, Paul Bleboo, head of the Bank of Ghana’s Gold Management Programme, said discussions with mining companies are ongoing, but the intention is to raise the mandatory off-take from industrial producers to 30 per cent.
He explained that the entire allocation would be delivered in doré form to improve traceability and enhance oversight of gold exports and reserve accumulation processes.
Under the existing framework, industrial miners were expected to deliver about 20 per cent of annual production to the central bank through agreed arrangements with the Ghana Chamber of Mines, although compliance levels have reportedly fallen short of expectations.
BoG officials say actual deliveries last year amounted to roughly 10 tons, compared to declared industrial production of about 100 tons, representing only around 10 per cent of output.
The state gold aggregator, GoldBod, is expected to play a central role as the official channel through which gold exports are processed, with the central bank seeking tighter control over volumes and valuation.
However, mining companies have raised concerns over the proposed adjustment, particularly around pricing terms and commercial viability.
Bank of Ghana officials have suggested an off-take discount of under 1 per cent on gold purchases, arguing that it reflects refining, freight and purity-related costs associated with reserve accumulation.
They have further described the discount as a necessary cost of building stronger national reserves and enhancing macroeconomic stability.
But industry players say negotiations remain unresolved, with discussions over pricing structures, valuation of by-products such as silver, and implementation timelines still ongoing.
Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, has indicated that talks with stakeholders are continuing, stressing that key commercial terms are yet to be agreed.
Some mining executives have also reportedly expressed concerns that the proposed changes could amount to an implicit tax and may require a phased implementation approach to avoid disrupting production planning.
The central bank has defended the programme, noting that gold accumulation remains a critical pillar of Ghana’s reserve management strategy, especially as global central banks continue to increase their holdings of bullion.
At the same time, the Bank of Ghana recorded an operating loss of about GHS15.6 billion in 2025, partly attributed to costs associated with monetary tightening and reserve-building operations, including gold purchases.
Despite the tensions, both sides are expected to continue negotiations as Ghana seeks to balance reserve accumulation objectives with maintaining investor confidence in the mining sector.
