By: Further Africa

Ghana has tied a larger share of its gold flow to domestic reserve building, after signing a deal that directs 30% of large-scale miners’ output to the Bank of Ghana and the Ghana Gold Board for local processing and refining. The move links production, reserve building, and domestic beneficiation in a single policy step.

What the agreement changes

The government formalised the arrangement through a memorandum of understanding with the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana, the Ghana Gold Board, and the Ghana Chamber of Mines. The policy sits inside the Ghana Accelerated National Reserve Accumulation Programme, known as GANRAP.

According to official reports, the gold bought under the scheme will be refined locally before transfer to the central bank for reserve accumulation. Finance Minister Cassiel Ato Forson said the signing completed negotiations on the 30% gold purchase component of GANRAP. He said the plan targets stronger foreign reserves and macroeconomic stability.

The central bank has already used gold to support reserves in 2025 and 2026. Ghana’s official gold reserves stood at 24.4 tonnes in June 2026, worth US$3.65 billion, according to Bank of Ghana figures cited by the Ghana News Agency. Separate reporting cited gross international reserves of US$11.9 billion at the end of 2025.

That backdrop gives the new policy clear market relevance. It turns a reserve strategy into a supply-chain strategy.

Why are miners watching closely?

Eric Asubonteng, chief executive of the Ghana Chamber of Mines, backed the programme and called for internationally accredited refineries in Ghana. He also urged that GANRAP extend beyond 2028 and evolve into an incentive-based system.

His position matters for investors. Local refining can lift value added inside the country. It can also reshape off-take terms, logistics, and processing margins across the gold supply chain.

A mining economist quoted in separate industry reporting estimated that purchasing and refining 30% of large-scale output could unlock about US$3.5 billion a year, based on current production and price assumptions. That figure points to the scale of the prize, although realised value will depend on output, prices, and refinery performance.

The policy also signals a more interventionist stance by the state. Yet it remains commercial in intent, since the government is using the gold stream to support reserves and deepen processing capacity.

For Ghana gold reserves, the next test is execution. Investors will watch procurement terms, refinery accreditation, and how smoothly the Bank of Ghana converts local gold flows into stronger reserve cover over 2026 and 2028.