Ghana’s central bank now requires large-scale miners to sell 30% of their annual gold production to the state. This mandate increases the previous requirement of 20%. The government aims to accumulate 157 tons of gold reserves by 2028.
The policy seeks to stabilize the local currency and build external buffers during economic recovery. Africa’s largest gold producer is reducing its reliance on foreign currency reserves through this move. This shift reflects a global trend of central banks increasing official gold holdings.
Industrial miners delivered only 10% of their output last year, missing the prior 20% target. Mining companies are currently negotiating key commercial terms, including pricing discounts. The success of the 30% mandate depends on these final negotiations.