All doré gold bought by GoldBod will be refined locally to ensure local value retention

The Government of Ghana has announced a major policy shift aimed at boosting local value addition in the country's gold sector, with all doré gold purchased by the Ghana Gold Board (GoldBod) set to be refined locally before being added to the nation's reserves.

The initiative forms part of a landmark agreement between the Government of Ghana and the Ghana Chamber of Mines, under which GoldBod will purchase 30 percent of the gold output from all large-scale mining companies operating in the country, effective July 1, 2026.

According to the government, the arrangement is designed to strengthen Ghana's gold value chain by ensuring that more of the economic benefits associated with gold production remain within the country.

Under the agreement, mining companies will sell 30 percent of their gold output to GoldBod in doré form at a discount of 0.55 percent, with all transactions conducted in Ghana cedis using the Bank of Ghana Reference Rate.

Government officials say the decision to refine the gold locally is a strategic step toward securing London Bullion Market Association (LBMA) accreditation for at least one Ghanaian refinery by 2030.

After local refining, the gold will be shipped to an LBMA-certified refinery for final melting and stamping before being delivered to the Bank of Ghana as part of the country's growing gold reserves.

The initiative aligns with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to increase the country's foreign reserves to cover 15 months of imports by the end of 2028.

It also supports President John Dramani Mahama's vision of ending raw mineral exports and promoting value-added processing within Ghana by 2030.

Further details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of Mines are expected to be released on July 29, 2026.

Story by: Joshua Kwabena Smith