Ghana to buy 30% of miners' gold from July to boost reserves
Ghana will begin purchasing 30% of gold produced by large-scale mining companies from July 1, up from the previous 20% requirement, under a new agreement with the Ghana Chamber of Mines. The state-owned Gold Board will buy the gold in dore form at a 0.55% discount to the Bank of Ghana's reference price, paying in cedis, with the metal first refined locally before final processing at an LBMA-accredited refinery. The move builds on Ghana's domestic gold purchase programme launched in 2022 and aims to lift national gold reserves to as much as 157 metric tonnes by 2028 while advancing the country's goal of securing LBMA accreditation for a local refinery by 2030.
For Nigerians, this development matters because Ghana is Africa's largest gold producer, outputting about six million ounces yearly and contributing roughly 40% of the country's export earnings. The increased state purchase and push for local refining reflect a broader West African trend of capturing more value from mineral resources, which could influence regional gold prices and open opportunities for Nigerian firms to supply technology, equipment, or investment in the gold value chain. It also signals a resource-nationalist approach that Nigerian policymakers might consider for the country's own solid minerals sector, including gold and lithium.
What Nigerians should know or do: monitor Ghana's reserve-building target and refinery accreditation timeline, explore partnerships or investments in West African gold refining infrastructure, and consider how similar value-addition policies could be applied to Nigeria's mining sector to boost domestic revenue and reduce raw-material exports. Investors should watch for any spill-over effects on regional gold markets and mining policy shifts.