Ghana has asked large-scale gold miners \u200cto sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters, though miners say key commercial terms remain unresolved.<\/p>\n
Central banks\u00a0globally are increasingly stockpiling bullion as\u00a0soaring prices\u00a0\u200bboost its appeal as a reserve asset. Ghana,\u00a0Africa\u2019s top gold producer, launched its bullion purchase programme \u200bin 2022, later securing an agreement with miners through the Ghana Chamber of \u2060Mines to supply 20% of annual output to the central bank.<\/p>\n
Gold reserves climbed to 19.2 metric tons \u200bin February, Bank of Ghana data showed, helping stabilise the Ghanaian cedi and rebuild external buffers as the\u00a0economy \u200brecovers\u00a0from its worst crisis in a generation.<\/p>\n
REVAMPED RESERVE PROGRAMME<\/strong><\/p>\n The government\u00a0revamped the programme\u00a0in February, targeting up to 157 tons (15 months of import cover) by 2028.<\/p>\n \u201cThis time, we intend to negotiate for 30% of annual production [from industrial miners] \u2026 with the \u200bentire 30% to be delivered in dore form,\u201d said Paul Bleboo, head of the central bank\u2019s Gold \u200bManagement programme on Thursday.<\/p>\n Last year, industrial miners delivered roughly 10 tons against declared production of about 100 tons, or about \u200c10% \u2060versus a 20% commitment, Bleboo said.<\/p>\n The central bank aims to boost reserves while improving traceability, with state\u00a0gold trader GoldBod\u00a0acting as the \u201cgatekeeper\u201d through which all exports must pass. Where firms export directly, the bank wants 30% of shipments retained in dore to track volumes and allocations.<\/p>\n The central bank posted an operating loss of \u200babout GHS15.6 billion ($1.37 billion) in \u200b2025, driven largely by \u2060the cost of monetary tightening and reserve build-up, including losses tied to the gold purchase programme, its financial statements showed.<\/p>\n Bleboo said offtake discounts and a proposed \u200bunder 1% discount on industrial gold purchases are \u201cnecessary,\u201d reflecting refining, freight and purity \u200bcosts, and \u2060should be treated as the cost of building reserves.<\/p>\n But miners say negotiations are ongoing. Ghana Chamber of Mines CEO Kenneth Ashigbey said discussions on pricing and discounts are \u201cnot straightforward\u201d and no agreement has been reached.<\/p>\n A mining executive \u2060said miners \u200boppose volume-based discounts and zero valuation for by-products like silver.<\/p>\n The \u200bproposed 1% discount could amount to tax and companies also cite tight timelines, as plans were built around a 20% level, proposing \u200ba gradual ramp-up instead, said the source.<\/p>\n","protected":false},"excerpt":{"rendered":" Ghana has asked large-scale gold miners \u200cto sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters, though miners say key commercial terms remain unresolved. Central banks\u00a0globally are increasingly stockpiling bullion as\u00a0soaring prices\u00a0\u200bboost its appeal as a reserve asset. Ghana,\u00a0Africa\u2019s top […]<\/p>\n","protected":false},"author":1,"featured_media":19720,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":4,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[158],"class_list":["post-20908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-ghana"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=20908"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20908\/revisions"}],"predecessor-version":[{"id":20909,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20908\/revisions\/20909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/19720"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=20908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=20908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=20908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}