GHANA has raised the share of annual gold output that large-scale miners must sell to the central bank to 30%, up from 20%, though miners say key commercial terms remain unresolved.
Paul Bleboo, head of the Bank of Ghana’s Gold Management programme, told Reuters on that the entire 30% quota should be delivered in doré form. Last year, industrial miners delivered roughly 10 tons against declared production of about 100 tons — around 10% against a 20% commitment, he said.
Ghana is Africa’s top gold producer.
The government revamped its bullion purchase programme in February, targeting reserves of up to 157 tons, equivalent to 15 months of import cover, by 2028. Ghana launched the programme in 2022, later formalising a 20% supply agreement with miners through the Ghana Chamber of Mines.
Gold reserves reached 19.2 tons in February, said Reuters citing Bank of Ghana data, helping stabilise the cedi and rebuild external buffers as the economy recovers from its worst crisis in a generation.
Central banks globally are increasing bullion holdings as soaring prices enhance its appeal as a reserve asset, said the newswire.
The central bank wants state gold trader GoldBod to act as a gatekeeper through which all exports must pass. Bleboo said a proposed discount of under 1% on industrial gold purchases was necessary to cover refining, freight and purity costs, and should be regarded as the price of reserve accumulation.
The bank posted an operating loss of about GHS15.6bn ($1.37bn) in 2025, partly reflecting costs tied to the gold purchase programme.
But Ghana Chamber of Mines CEO Kenneth Ashigbey said pricing and discount discussions were “not straightforward” and no agreement had been reached.
A mining executive said companies opposed volume-based discounts and zero valuation for by-products such as silver, and proposed a gradual ramp-up from the existing 20% level.
