Ghana has ordered large-scale mining companies to sell 30% of their annual gold output to the central bank, escalating a state-led reserve-building drive despite unresolved commercial disputes with producers.
The new mandate increases the required supply threshold from 20%, a senior official confirmed on Monday. The policy targets a minimum weekly acquisition of 0.57 tonnes of gold exclusively in doré form.
The Bank of Ghana intends to process the metal locally to enhance domestic value addition. This aggressive accumulation strategy aims to aggressively shore up foreign exchange buffers and insulate the local cedi currency.
However, industrial miners represented by the Ghana Chamber of Mines are pushing back. The industry cautions that critical commercial terms, including payment structures and pricing discounts, remain heavily contested.
“This time, we intend to negotiate for 30% of annual production [from industrial miners] … with the entire 30% to be delivered in dore form,” said Paul Bleboo, head of the central bank’s Gold Management programme.
The policy follows a sweeping structural overhaul introduced via the Ghana Gold Board Act. The legislation positions a newly empowered regulatory framework at the center of national resource monetization strategy.
Official data shows the central bank’s aggressive stockpiling has expanded total gold holdings from 8.7 tonnes in 2021 to more than 40 tonnes by early 2026.
The structural shift occurs as sovereign central banks globally step up physical gold purchases to diversify portfolios. Emerging-market economies increasingly favor bullion over foreign currency assets amid shifting geopolitical risks.
Sustained domestic purchases helped Ghana’s gross international reserves recover significantly over the past year. However, the rebalancing has triggered concentration risks, with gold previously accounting for 42% of gross reserves.
Analysts warn that enforcing a higher 30% threshold without commercial consensus risks stalling capital expenditure. Major West African producers face compounding pressure from rising global input costs and localized regulatory friction.
