Ghana Seeks 30% Gold Mine Sales as All Output for State Buys Shifts to Doré
Updated
Updated · Bloomberg · May 18
Ghana Seeks 30% Gold Mine Sales as All Output for State Buys Shifts to Doré
10 articles · Updated · Bloomberg · May 18
Ghana wants large-scale gold mines to sell at least 30% of annual output to the central bank, with the entire quota bought as unrefined doré rather than refined metal.
That would add 10 percentage points to the current 20% requirement handled by the state-owned Ghana Gold Board, which purchases gold on the central bank’s behalf.
Paul Bleboo, who heads gold management at the Bank of Ghana, said the shift to doré is meant to supply local refineries and deepen domestic processing.
The proposal also aims to build foreign-exchange reserves in Africa’s largest bullion producer, extending a broader push to strengthen gold holdings and support the economy.
Is Ghana’s gold grab a path to economic freedom or a gamble that could scare off foreign miners?
After a controversial $1.27 billion gold deal, can Ghana’s central bank be trusted to manage the nation’s wealth?
Ghana’s 30% Gold Reserve Drive: Centralizing Wealth, Stabilizing the Cedi, and Reshaping Mining Policy
Overview
Ghana has made a bold move by leveraging its gold resources to drive economic stability and growth. The central bank’s accumulation of a 36-tonne gold reserve laid a strong foundation for the country’s future, reflecting improved fiscal discipline and strategic resource management. As a result, Ghana experienced broader macroeconomic gains, including a remarkable appreciation of the cedi by over 40 percent against the US dollar in 2025, a sharp drop in inflation, and a significant increase in international reserves. These achievements highlight the positive impact of Ghana’s gold reserve policy on its economic outlook.