Ghana plans to raise the share of gold that industrial miners must sell to the Bank of Ghana from 20% to 30% — part of a strategy to build foreign reserves and support the cedi. Ghana Chamber of Mines CEO Kenneth Ashigbey told Reuters that the pricing-and-discount negotiations “are not straightforward” and that no final agreement has been reached.
The Plan
- Mandatory gold sales to BoG to rise from 20% to 30% of output
- Goal: build reserves and stabilise the cedi
- Builds on the Domestic Gold Purchase / gold-accumulation programme
- Talks over pricing and discounts still ongoing
Industry Pushback
- Chamber of Mines CEO Kenneth Ashigbey: negotiations “not straightforward”
- Miners want clarity on pricing relative to world spot
- No final deal yet signed
Why It Matters
- Gold-backed reserves have underpinned recent cedi stability
- Reduces reliance on dollar reserves amid FX pressure
- Positions Ghana to leverage record-high global gold prices
- Cedi is still down 8.4% year-to-date — reserves seen as a buffer
What To Watch
- Final pricing/discount terms with miners
- Impact on BoG reserve levels through 2026
- Whether the cedi stabilises further on the back of it
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