DAKAR – Ghana has asked large-scale gold miners to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters, though miners say key commercial terms remain unresolved.

Central banks globally are increasingly stockpiling bullion as soaring prices boost its appeal as a reserve asset. Ghana, Africa’s top gold producer, launched its bullion purchase programme in 2022, later securing an agreement with miners through the Ghana Chamber of Mines to supply 20% of annual output to the central bank.

Gold reserves climbed to 19.2 metric tons in February, Bank of Ghana data showed, helping stabilise the Ghanaian cedi and rebuild external buffers as the economy recovers from its worst crisis in a generation.

REVAMPED RESERVE PROGRAMME
The government revamped the programme in February, targeting up to 157 tons (15 months of import cover) by 2028.

“This time, we intend to negotiate for 30% of annual production [from industrial miners] … with the entire 30% to be delivered in dore form,” said Paul Bleboo, head of the central bank’s Gold Management programme on Thursday.

Last year, industrial miners delivered roughly 10 tons against declared production of about 100 tons, or about 10% versus a 20% commitment, Bleboo said.

The central bank aims to boost reserves while improving traceability, with state gold trader GoldBod acting as the “gatekeeper” through which all exports must pass. Where firms export directly, the bank wants 30% of shipments retained in dore to track volumes and allocations.

The central bank 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, its financial statements showed.

Bleboo said offtake discounts and a proposed under 1% discount on industrial gold purchases are “necessary,” reflecting refining, freight and purity costs, and should be treated as the cost of building reserves.

But miners say negotiations are ongoing. 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 like silver.

The proposed 1% discount could amount to tax and companies also cite tight timelines, as plans were built around a 20% level, proposing a gradual ramp-up instead, said the source.