BoG tightens grip on gold: mines must sell 30% of output to central bank, targeting 157 tons by 2028
Ghana has asked large-scale gold mining companies to increase gold sales to the Bank of Ghana from 20% to 30% of annual output as part of efforts to strengthen the country’s reserves and stabilise the cedi. According to Paul Bleboo, head of the central bank’s Gold Management programme, the revised policy seeks to ensure all deliveries are made in dore form to improve traceability and reserve accumulation, with the country targeting up to 157 metric tons of gold reserves by 2028. Ghana’s gold reserves reportedly rose to 19.2 metric tons in February under the programme launched in 2022. However, the Ghana Chamber of Mines says negotiations on pricing, discounts and implementation terms are still ongoing, with mining companies expressing concerns over proposed discounts, timelines and valuation arrangements for by-products such as silver.
