A mine worker walks near a conveyor belt as commercial gold production begins at the Newmont Ghana Gold Limited, Ahafo North Mine, in Afrisipakrom community in the Ahafo Region, Ghana. October 29, 2025.Image@ REUTERS/Francis Kokoroko
Negotiations between Ghana’s central bank and large-scale gold miners have stalled over pricing and discount terms, even as the Bank of Ghana moves to raise the mandatory gold supply quota from 20% to 30% of annual output — a policy shift aimed at dramatically expanding the country’s bullion reserves by 2028.
Paul Bleboo, head of the central bank’s Gold Management programme, told reporters Thursday that the new target requires industrial miners to surrender 30% of their annual production, with the entire consignment to be delivered in dore form. “This time, we intend to negotiate for 30% of annual production [from industrial miners] … with the entire 30% to be delivered in dore form,” he said.
The push comes as Ghana’s gold reserve-building programme, launched in 2022, struggles to meet its own benchmarks. “Last year, industrial miners delivered roughly 10 tons against declared production of about 100 tons, or about 10% versus a 20% commitment,” Bleboo acknowledged.
Despite the shortfall, the programme has yielded measurable results. Gold reserves climbed to 19.2 metric tons in February, according to Bank of Ghana data, helping stabilise the Ghanaian cedi and rebuild external buffers as the economy recovers from its worst crisis in a generation. The government revamped the programme in February, setting an ambitious target of up to 157 tons — equivalent to 15 months of import cover — by 2028.
Ghana, Africa’s top gold producer, is riding a broader global wave. Central banks worldwide have been aggressively stockpiling bullion as soaring prices boost its appeal as a reserve asset, a trend that has lent political weight to Accra’s reserve-building drive and its earlier supply agreement with miners through the Ghana Chamber of Mines.
To shore up traceability and volume control, the central bank wants state gold trader GoldBod to serve as the “gatekeeper” through which all exports must pass. Where companies export directly, the bank is seeking to retain 30% of shipments in dore form to track volumes and allocations.
On the contentious issue of pricing, Bleboo defended a proposed discount of under 1% on industrial gold purchases, saying the deductions are “necessary,” reflecting refining, freight and purity costs, and should be treated as the cost of building reserves. But miners are pushing back hard.
Ghana Chamber of Mines CEO Kenneth Ashigbey said discussions on pricing and discounts are “not straightforward” and no agreement has been reached. A mining executive said miners oppose volume-based discounts and zero valuation for by-products such as silver, warning that the proposed 1% discount could effectively function as an additional tax. Companies are also citing tight timelines, since operational plans were built around the previous 20% level, and are proposing a gradual ramp-up instead.
The standoff over commercial terms adds financial pressure to an institution already under strain. The Bank of Ghana posted an operating loss of about GHS15.6 billion ($1.37 billion) in 2025, driven largely by the cost of monetary tightening and reserve build-up, including losses tied to the gold purchase programme, according to its financial statements.
By: Andrews Kwesi Yeboah