GoldBod Finalizes Deal with 9 Mining Firms to Purchase 20% of Gold Locally

The Ghana Gold Board (GoldBod) has successfully brokered a deal with nine large-scale mining companies to locally purchase 20% of their gold production for national use.

This milestone agreement follows a series of discussions between GoldBod management and representatives from mining firms that are not currently participating in the Bank of Ghana’s Domestic Gold Purchase Program.

The participating companies 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, and Gan He Mining Resource Development Limited.

As part of the deal, these companies will deliver 20% of any gold intended for export to GoldBod in doré bar form at a designated collection center—the Assay Laboratory at Kotoka International Airport.

GoldBod will make payments within two working days of delivery, based on the London Bullion Market Association (LBMA) AM spot price, minus a 1% discount. All payments will be made in Ghana cedis, using the Bank of Ghana’s daily interbank foreign exchange (weighted median) rate.

Acting CEO of GoldBod, Mr. Sammy Gyamfi Esq., expressed gratitude to the mining firms and the Chamber of Mines for their support of President John Dramani Mahama’s vision to maximize national gains from the country’s gold resources.

He emphasized that the agreement supports the broader goal of enhancing Ghana’s gold and foreign exchange reserves in alignment with the President’s policy direction.

All stakeholders are expected to formally sign the agreement on May 15, 2025, with implementation set to begin on June 1, 2025.