GoldBod has secured a landmark agreement with nine Large Scale Mining Companies in Ghana to purchase 20% of their gold output locally, a move aimed at enhancing the country’s gold and foreign reserves.
The Acting Chief Executive Officer of GoldBod, Sammy Gyamfi, in a Facebook post on Wednesday, April 30, revealed that the agreement was reached after several rounds of negotiations between the GoldBod management and representatives of the mining firms not currently part of the Bank of Ghana’s Domestic Gold Purchase Program.
The companies involved in the deal 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.
Per the agreement, each mining company will deliver 20% of the gold they intend to export to GoldBod in the form of doré bars at a designated collection point the Assay Laboratory of GoldBod located at the Kotoka International Airport.
GoldBod is expected to make payments within two working days of delivery. The transaction value will be based on the London Bullion Market Association (LBMA) AM spot price, minus a 1% discount.
All payments will be made in Ghana cedis, using the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
Mr. Gyamfi expressed appreciation to the mining firms and the Ghana Chamber of Mines for their cooperation and support of the President’s vision to optimize the national benefits from Ghana’s gold resources.
He described the development as a critical step in efforts to strengthen the country’s gold reserve position and support the accumulation of foreign reserves.
The parties are expected to sign a formal agreement on May 15, 2025, ahead of the program’s commencement on June 1, 2025.
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GOLDBOD SECURES AGREEMENT WITH 9 LARGE SCALE MINING COMPANIES TO BUY 20% OF THEIR GOLD OUTPUT
The Ghana Gold Board (GoldBod) has reached an agreement with nine (9) Large Scale Mining Companies to buy 20% of their gold output locally for the country.
The landmark agreement was reached after series of negotiations between the management of GoldBod and representatives of mining companies who are not part of the Bank of Ghana Domestic Gold Purchase Program.
The companies are namely; 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 Agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars at a designated collection point, which shall be the Assay Laboratory of the GoldBod at the Kotoka International Airport.
All payments by the GoldBod to the companies shall be calculated based on the World Market (LBMA AM) spot price, less a 1% discount and shall be effected within two (2) working days of the delivery of gold to the GoldBod under the agreement.
The currency for all transactions under this agreement shall be Ghana cedis, while the rate of exchange shall be the Daily Interbank FX (Weighted Median) Rate published by the Bank of Ghana.
The Ag. Chief Executive Officer of the GoldBod, Mr. Sammy Gyamfi Esq., thanked the companies and the Chamber of Mines for their cooperation and commitment to the vision of the President, H.E. John Dramani Mahama aimed at optimizing national benefits from the gold resources of the country.
He indicated that this agreement is part of the GoldBod’s bid to boost gold and foreign reserve accumulation by the Bank of Ghana in line with the vision of the President.
The GoldBod and all parties have agreed to sign a written Agreement to formalize this arrangement on the 15th of May, 2025, to pave way for the commencement of the program effective 1st June 2025.
