GOLDBOD secures agreement with 9 large scale mining companies to buy 20% of their gold output

The Ghana Gold Board (GoldBod) has made a deal with nine mining companies. They will buy 20% of the gold these companies produce for local use.

This agreement followed negotiations between GoldBod and mining company representatives. The companies involved are not part of the Bank of Ghana's Domestic Gold Purchase Program.

The participating companies include Golden Team Mining, Akroma Gold, Adamus Resources, and others. They will deliver 20% of any gold they plan to export. This gold will be in doré bars at the GoldBod's Assay Laboratory at Kotoka International Airport.

GoldBod will pay based on the World Market spot price, minus a 1% discount. Payments will occur within two working days after delivery.

All transactions will be in Ghana cedis, using the Daily Interbank FX rate from the Bank of Ghana.

Mr. Sammy Gyamfi Esq., Ag. Chief Executive Officer of GoldBod, expressed gratitude to the companies and the Chamber of Mines. He highlighted their commitment to President John Dramani Mahama’s vision for maximizing national benefits from gold resources.

This agreement aims to enhance gold and foreign reserve accumulation for the Bank of Ghana. A formal written Agreement will be signed on May 15, 2025. The program is set to start on June 1, 2025.