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Ghana wants large-scale gold mines to sell at least 30% of their annual output to the central bank to increase local refining and boost the country’s foreign-exchange reserves.
Africa’s largest bullion producer is seeking an additional 10% on top of the current 20% that large mines must sell to the state-owned Ghana Gold Board, which buys the metal on behalf of the central bank. Unlike the current arrangement, where mines sell refined gold, all 30% would be purchased as doré, or unrefined gold, to feed local refineries, said Paul Bleboo, who heads gold management at Ghana’s central bank.
“We want to increase the local refining capacity and create jobs through value addition,” Bleboo said.
The move comes as gold trades above $4,500 an ounce and resource-rich African nations push to capture more value from their commodities.
Ghana has used its reserves to stabilize its currency. The cedi gained against the greenback for the first time in at least three decades last year, bolstered by the government’s gold-buying program. The currency has remained fairly stable this year, weakening just 8.5% despite the fallout from the war on Iran.
Miners have agreed in principle to the 30% threshold, but talks on price continue, Bleboo said. The government has proposed buying doré at a 1% discount to the spot price, and implementation could begin as early as June 1, if a deal is reached, he said.
Producers such as UK-based AngloGold Ashanti Plc, South Africa’s Gold Fields Ltd. and American miner Newmont Corp. would be subject to the requirement. Gold alone accounted for 67% of exports in 2025, according to central bank data.
Negotiations are ongoing, said Kenneth Ashigbey, the chief executive officer of the Ghana Chamber of Mines. The industry group supports the government’s objectives of expanding local refining and building up reserves, but believes they “can also be achieved through alternative pathways.”
Reuters earlier reported on the talks.
(By Ekow Dontoh)