Ghana has signed a new agreement with nine additional gold mining companies to purchase 20% of their production, a move aimed at strengthening the country’s gold reserves and stabilizing the national currency. The deal is part of an ongoing initiative launched in 2022 to source gold directly for the Bank of Ghana.
The central bank’s gold holdings have since risen significantly, from 8.77 metric tons in 2022 to 30.8 tons by February 2025, contributing to gross reserves of $9.4 billion. The new agreement, announced by the government body GoldBod, targets companies not previously included in the program, such as Golden Team Mining, Akroma Gold, and Adamus Resources.
Under the deal, participating firms will supply 20% of any gold intended for export to GoldBod in the form of doré bars. Payments will be made in Ghanaian cedis at a one percent discount to the London Bullion Market Association spot price. The nine companies collectively produce around 200kg of gold each month. Authorities see the agreement as a key step in maximizing national gains from rising global gold prices.