Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi Esq., revealed on Wednesday, April 30, on his X page that GoldBod has successfully reached an agreement with nine large-scale mining companies to purchase 20% of their gold output locally.
The agreement, which results in extensive and constructive negotiations, involves companies not part of the Bank of Ghana’s Domestic Gold Purchase Program. The mining firms participating in this arrangement 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.
Under the terms of this agreement, these companies will deliver 20% of any gold they intend to export to GoldBod in the form of doré bars. The designated collection point for these deliveries will be the Assay Laboratory of the GoldBod, located at the Kotoka International Airport. Payments for the gold will be made in Ghana cedis, calculated based on the prevailing LBMA AM world market spot price, minus a 1% discount. All payments shall be completed within two (2) working days of delivery. The exchange rate applicable for all transactions will be the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
The initiative is said to be a strategic national policy designed to bolster Ghana’s gold and foreign reserve accumulation, in alignment with the vision of H.E. President John Dramani Mahama. It is a vision rooted in economic independence, financial stability, and the long-term prosperity of our nation.
Sammy Gyamfi shows his deepest gratitude to the Chamber of Mines and the management of all nine participating companies for their cooperation and commitment to the cause, saying their willingness to collaborate with GoldBod in this national interest endeavor is highly commendable and reflects a shared sense of responsibility toward Ghana’s economic future.
The formal signing of this agreement is scheduled for the 15th of May, 2025, after which the program will officially commence on the 1st of June, 2025.
He concluded by saying GoldBod remains committed to ensuring that Ghana derives maximum value from its precious minerals, and this agreement marks a bold step in that direction.
