Ghana will require large-scale mining companies to sell 30% of their gold production in doré form to the Ghana Gold Board (GoldBod) starting July 1, marking a significant step in the country's strategy to strengthen foreign exchange reserves, expand domestic gold refining, and reduce reliance on external markets.

The policy, announced by GoldBod following an agreement with the Ghana Chamber of Mines, increases the state's share of gold purchases from large-scale producers and forms part of broader efforts to maximize the economic value of the country's mineral resources.

Under the new arrangement, participating mining companies will supply 30% of their gold output in doré, a semi-refined form of the precious metal. GoldBod will purchase the gold in Ghanaian cedis using the Bank of Ghana's official reference exchange rate, with a small discount applied to cover refining and related operational costs.

Government officials say the initiative is designed to strengthen the country's international reserves while ensuring that a greater share of the value generated by Ghana's gold industry remains within the domestic economy.

As Africa's leading gold producer, Ghana has increasingly sought to move beyond exporting raw mineral resources by promoting local processing and value addition. Authorities believe expanding domestic refining capacity will generate skilled employment, attract investment into the mining value chain, and improve the country's long-term economic resilience.

The measure also supports the Ghana Accelerated National Reserve Accumulation Program (GANRAP), an initiative aimed at increasing the country's gold holdings and improving foreign exchange stability. Officials expect the programme to enhance Ghana's ability to withstand external economic shocks while supporting macroeconomic stability.

In addition, the government has set an ambitious objective of securing international accreditation for at least one domestic gold refinery by 2030, enabling refined Ghanaian gold to meet global trading standards and access international bullion markets.

The latest policy reflects a broader trend among resource-rich African nations seeking to retain more value from their natural resources through local processing, industrial development, and stronger state participation in strategic sectors.

Mining industry representatives have expressed support for the agreement, describing it as a collaborative framework that balances national development priorities with the operational needs of mining companies.

Analysts say the success of the initiative will depend on GoldBod's operational capacity, the continued expansion of refining infrastructure, and the country's ability to maintain investor confidence while implementing reforms in one of its most important export sectors.

If successfully implemented, the programme could reinforce Ghana's position not only as Africa's largest gold producer but also as a leading regional hub for gold refining, reserve accumulation, and mineral value addition.