Ghana has reached a deal with nine more mining companies to purchase 20% of their gold production, a government body said on Wednesday, aiming to consolidate a gold purchase program meant to boost the country’s gold reserves and stabilize its currency.
Africa’s top gold producer signed an agreement with members of an industry group that included Gold Fields, Newmont, AngloGold Ashanti and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.
Bank of Ghana’s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.
The new deal covers mining companies not participating in the central bank’s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.
The companies are 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.
Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by US President Donald Trump’s tariffs and geopolitical uncertainty.
“Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,” the GoldBod statement said.
“This agreement represents a significant step toward optimizing national benefits from Ghana’s gold resources.”
The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.
The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod’s spokesperson told Reuters.
(By Christian Akorlie and Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)
