Ghana Pushes Miners to Surrender Larger Gold Share

Africa’s largest gold producer is tightening its grip on bullion exports. Business Insider Africa reported Monday that Ghana wants major mining companies to sell 30% of their annual gold output to the central bank. That figure represents a significant jump from the existing 20% arrangement.

Ghana Raises the Quota Bar

The proposal requires that the full 30% allocation be delivered in doré form, a semi-refined gold product. Paul Bleboo, head of the Bank of Ghana’s Gold Management Programme, told Reuters the government plans to renegotiate supply agreements with all industrial-scale miners to reflect the new target. Authorities also want state-backed gold trader GoldBod to serve as the primary gatekeeper for all bullion exports. That would give Accra greater visibility into production volumes and export flows across the supply chain.

Also Read: What Is Doré Gold and Why Do Central Banks Want It?

Mining Companies Push Back

The industry is not enthusiastic. Kenneth Ashigbey, chief executive of the Ghana Chamber of Mines, described pricing and discount negotiations as ongoing and far from simple. A separate mining executive familiar with the discussions told Reuters that firms are opposing volume-based discounts and disputes over how by-products such as silver are treated. Companies argue that some proposed terms could materially cut earnings. They also say existing supply contracts and operational plans were built around the 20% structure and cannot be restructured immediately.

How Ghana Arrived Here

Ghana launched its domestic gold purchase programme in 2022 after enduring its most severe economic crisis in decades. Inflation surged, the cedi lost significant value and public debt spiralled, forcing Accra into an IMF-backed restructuring. Since then, gold accumulation has been central to the country’s stabilisation strategy. The Bank of Ghana reported reserves of 19.2 metric tons as of February, up sharply from pre-programme levels. Earlier this year, the government set a target of holding as much as 157 tons by 2028, equivalent to roughly 15 months of import cover.

Also Read: Global Central Bank Gold Buying Hits Multi-Year Highs

Broader Reform Agenda

The quota push sits alongside separate plans to overhaul Ghana’s royalty structure. The government has proposed replacing a fixed 5% levy with a sliding scale that could reach 12% when gold prices are exceptionally elevated. Gold currently accounts for roughly 40% of Ghana’s total export earnings, making the sector the country’s single largest source of foreign exchange. With global central banks accelerating bullion purchases amid geopolitical uncertainty and high debt levels, Accra clearly wants a larger cut of the windfall.

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