The Ghana Gold Board (GoldBod) has successfully finalized an agreement with nine large-scale mining companies to acquire 20% of their gold output for local processing.
This agreement follows extensive negotiations between GoldBod and representatives from mining companies that are not participating in the Bank of Ghana’s Domestic Gold Purchase Program. The companies involved include:
- Golden Team Mining Company Limited
- Akroma Gold Limited
- Adamus Resources Limited
- Cardinal Namdini Mining Limited
- Goldstone Akrokeri Limited
- Earl International Group (GH) Limited
- Xtra Gold Mining Limited
- Prestea Sankofa Gold Limited
- Gan He Mining Resource Development Limited
Under the terms of the agreement, these mining companies will deliver 20% of their gold output intended for export to GoldBod in the form of doré bars at the Assay Laboratory located at Kotoka International Airport. Payments will be based on the World Market (LBMA AM) spot price, minus a 1% discount, and will be processed within two working days of delivery.
Transactions will be conducted in Ghana cedis, with exchange rates determined by the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
Mr. Sammy Gyamfi Esq., Ag. CEO of GoldBod, expressed gratitude to the companies and the Chamber of Mines for their collaboration, emphasizing that the agreement aligns with President John Mahama’s vision of maximizing national benefits from gold resources. He noted that this initiative aims to enhance gold and foreign reserve accumulation for the Bank of Ghana.
A formal written agreement will be signed by GoldBod and all parties on May 15, 2025, setting the stage for the program’s launch on June 1, 2025.
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