The government of Ghana has asked large-scale gold miners to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, according to a senior official to Reuters.
Globally, Central Banks are increasingly stockpiling bullion as soaring prices boost its appeal as reserve asset.
Africa’s top gold producer, Ghana, has launched its bullion purchase programme in 2022 and later secured an agreement with miners through Ghana Chamber of Mines to supply 20% of annual output to the bank of Ghana (BoG).
The Bank of Ghana data showed that Gold reserves climbed to 19.2 metric tons in February, which helped stabilised the Ghanaian cedi and rebuilt external buffers as the economy recovers from its worst crisis.
Industrial miners have delivered about 10 tons last year against a declared production of about 100 tons.
The aim of the Central Bank is to boost reserves while improving traceability with state gold trader ‘Goldbod’ acting as the ,gatekeeper’ where all exports should go through.
The central bank also posted an operational loss of approximately GHC15.6 billion in 2025, which was largely driven by the cost of monetary scrutiny with reserve build-up.
Off-take discounts of 1% are a necessity on industrial gold purchases to reflect refining, freight and purity costs to be treated as the cost of building reserves.
Miners, however, said negotiations are still underway as Kenneth Ashigbey, CEO of Ghana Chamber of Mines disclosed that discussions on discounts and commodity pricing are always not straightforward.
According to a miming executive, miners oppose volume based discounts with zero valuation for by-products as in silver.
As plans are built around the proposed 1% discount which could amount to taxes, companies are citing strict timelines on a 20% level, as a proposal of a gradual ramp up.
By: Martha Seyram Jackson | Metrotvonline.com | Ghana
