GoldBod Strikes Deal with Nine Mining Firms for 20% Gold Output
Accra, Ghana - 30 April, 2025 - Ghana's gold industry has taken a significant step forward with the Ghana Gold Board reaching a landmark agreement with nine large-scale mining companies to purchase 20% of their gold output locally.
The deal, valued at the London Bullion Market Association's spot price minus a 1% discount, aims to boost the country's gold reserves and support the local economy.
Under the terms of the agreement, the mining companies will deliver 20% of their gold exports to the Ghana Gold Board in the form of doré bars at the Board's assay laboratory at Kotoka International Airport.
The companies 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.
Payments will be made in Ghanaian cedis within two working days of delivery, based on the daily interbank foreign exchange rate published by the Bank of Ghana.
The agreement is part of the government's efforts to optimize national benefits from the country's gold resources.
The Ghana Gold Board's Acting Chief Executive Officer, Sammy Gyamfi, hailed the deal as a significant milestone, thanking the mining companies and the Chamber of Mines for their cooperation.
A formal agreement is set to be signed on May 15, 2025, paving the way for the program's commencement on June 1, 2025.
Source: Lead News Online
