Effective July 1, 2026, the government will buy 30% of the total gold output of all large-scale mining companies in the country. This was confirmed by the Minister of Finance, the Minister of Lands and Natural Resources, and the Ghana Gold Board (GoldBod).

Before this agreement was reached, the old system that had been in operation since 2022 required the Bank of Ghana to directly purchase 20% of gold output from large-scale mining companies.

The gold was supplied in refined bullion form, often exported before settlement, and pricing was based on international spot prices converted using the BoG reference rate.

However, under the new model, the agreement shifts responsibility to the Ghana Gold Board (GoldBod), where mining companies will now be required to sell 30% of their gold output, a higher share than before, and supply it locally in doré (raw) form. The pricing is pegged to the LBMA benchmark at a 0.55% discount, still converted using the BoG reference rate, and all purchases will be conducted in Ghana cedis.

Why a new system?

The new model has been designed to materialise Ghana's vision of securing London Bullion Market Association (LBMA) accreditation for at least one local gold refinery by 2030.

The London Bullion Market Association (LBMA) accreditation is extremely important in the global gold industry because it sets the highest standards for gold refiners and ensures that their output is internationally recognised and tradable.

All doré gold acquired by GoldBod will be refined locally to maximise value retention within the country.

After this, the refined gold will subsequently be sent to an LBMA-certified refinery for melting and stamping before being brought back to the Bank of Ghana as part of the nation's gold reserve holdings.

The agreement aligns with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to build foreign reserves equivalent to 15 months of import cover by the end of 2028.

It also supports President John Dramani Mahama's vision of eliminating raw mineral exports by 2030 through increased local processing and value addition.

Further details of the Memorandum of Understanding signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines will be made public on Monday, June 29, 2026.

Meanwhile, in a related development, GoldBod has announced a new pricing system, which is scheduled to take effect on July 1.

Unlike the old system, where GoldBod published continuously updated live gold prices throughout the trading day (weekdays, excluding holidays and weekends), the new regime will operate at fixed times, specifically at 10:30 a.m. GMT and 3:00 p.m. GMT, in accordance with the internationally recognised LBMA Gold Price AM and LBMA Gold Price PM.

These two benchmarks will be the only official reference points each day and will be converted into cedis using the Bank of Ghana Reference Rate.

GoldBod announced this in a formal statement dated June 23, noting that the move follows stakeholder engagements.

"The Ghana Gold Board (GoldBod) wishes to inform all licensed gold buyers, aggregators, self-financed aggregators, and other licensed holders in the gold trading value chain that, following extensive stakeholder engagements, a new gold pricing system shall take effect from July 1, 2026.

"Under the new regime, GoldBod shall discontinue the publication of continuously updated live gold prices and shall instead adopt the internationally recognised LBMA Gold Price AM and LBMA Gold Price PM pricing windows as the sole benchmarks for determining the official local gold purchase price in Ghana," parts of the statement said.

GoldBod also directed that all players in the gold trading chain must comply with the official gold prices published when making purchases.

"The published GoldBod price shall constitute the mandatory official purchase price at which all licensed gold buyers, aggregators, self-financed aggregators, and other licensed holders shall purchase gold from licensed miners and licensed traders during the applicable pricing window.

"All licensed buyers are required to strictly comply with the official GoldBod prices published under this regime and shall not purchase gold at any price other than the officially published GoldBod price.

"All prices shall be published on the official website of GoldBod (www.goldbod.gov.gh)," it added, citing the Ghana Gold Board Act, 2025 (Act 1140), which establishes GoldBod as the statutory regulator of Ghana's gold trading value chain, with powers over licensing, pricing, enforcement and anti-smuggling, as well as setting out the Board's governance, functions, financial provisions, licensing requirements and penalties for violations.

"The GoldBod wishes to remind all licensees that compliance with official pricing directives issued pursuant to the Ghana Gold Board Act, 2025 (Act 1140), is mandatory."