Ghana expands gold purchase programme with nine more gold miners; to execute formal agreement on May 15

GoldBod and all relevant parties have reached a consensus to execute a formal written agreement on  May 15. The Ghana Gold Board (GoldBod) has reached an agreement with nine additional large-scale mining companies to purchase 20% of their gold production to augment the nation’s gold and foreign reserves under the Bank of Ghana’s domestic gold purchase programme.GoldBod is the government entity responsible for managing gold purchases from small-scale miners and combatting smuggling.

The latest deal includes mining companies that were not part of the central bank’s initial scheme.The new participants include Adamus Resources, Akroma Gold, Cardinal Namdini Mining, Earl International Group, Gan He Mining Resource Development, Golden Team Mining, Goldstone Akrokeri, Prestea Sankofa Gold and Xtra Gold Mining.

GoldBod and all relevant parties are expected to execute a formal written agreement on 15 May, which will facilitate the initiation of the programme starting from 1 June. GoldBod said in a statement: “Under the Agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars at a designated collection point, which shall be the Assay Laboratory of the GoldBod at the Kotoka International Airport.”