GoldBod, nine mining firms sign deal for 20% gold output

The Ghana Gold Board (GoldBod) has made a significant agreement. They will buy 20% of gold output from nine large-scale mining companies. This deal was reached after negotiations with companies not part of the Bank of Ghana's Domestic Gold Purchase Program.

The mining companies involved 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
- Gan He Mining Resource Development Limited

Under this agreement, the companies will deliver 20% of their export gold to GoldBod. The gold will be in doré bars and collected at the Assay Laboratory at Kotoka International Airport.

Payments to the companies will be based on the World Market spot price. There will be a 1% discount, and payments will occur within two working days after delivery. All transactions will use Ghana cedis, based on the Daily Interbank FX Rate published by the Bank of Ghana.

Sammy Gyamfi, 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 optimizing national benefits from gold resources.

This agreement aims to boost 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 begin on June 1, 2025.