Afrimex is a driving force behind Ghana’s gold mining industry, with the company having established itself as one of the country’s most important gold miners, as well as providing gold mining support services and gold buying and selling facilities. This article will look at Ghana’s gold purchase program, a government initiative that represents a cornerstone of national economic policy.
At its core, Ghana’s gold purchase program requires participating gold mining operations to sell a specific portion of their production directly to the Ghanaian government via a specialized agency. The Ghana Gold Board (‘GoldBod’) is responsible for overseeing all aspects of the initiative, from collection to verification.
Under the current regulations, gold mining companies are required to deliver 20% of any gold they intend to export to GoldBod’s Assay Laboratory. Situated at Kotoka airport, the facility undertakes rigorous testing to ensure quality verification prior to the transfer of gold to national reserves.
The gold purchase program operates on a structured compensation model, with mining companies receiving payment in Ghanaian cedis at 1% below the London Bullion Market Association spot price. This modest discount is intended to balance national interests with mining company profitability, ensuring a reliable sales channel while building national reserves.
Under the government initiative, the physical transfer of gold requires complex documentation and careful implementation. Miners deliver the semi-pure “doré” gold bars to GoldBod’s Assay Laboratory, where composition analysis is undertaken to confirm gold content prior to acceptance into reserves. This diligent quality control ensures that national holdings receive only verified gold.
Ghana’s gold purchase program was created to serve multiple strategic purposes within the country’s broader economic framework. One of the primary goals of the initiative was to build national gold reserves, thereby strengthening the Ghanaian economy. The scheme also serves as a hedging mechanism, shielding Ghana’s economy against the changing market dynamics and currency fluctuations affecting resource-dependent economies. The Ghanaian government aims to improve the Bank of Ghana’s foreign exchange position without diminishing currency reserves through the systematic acquisition of domestically mined goal. In addition to supporting the cedi’s stability, this will also have the impact of strengthening Ghana’s ability to meet external fiduciary obligations.
As in many other gold-producing countries, reducing gold smuggling is a significant concern for the Ghanaian government. The gold purchase program aims to tackle this by establishing official purchase channels along with transparent pricing, with GoldBod creating incentives for legitimate sales while simultaneously undermining illicit export networks. Ghana’s gold purchase program also aims to create sustainable value from the nation’s natural resources. Rather than allowing all its gold bullion to leave the country with minimal domestic benefit beyond royalties and taxes, Ghana now retains a meaningful proportion of gold production as national wealth.
In May 2025, the Ghanaian government expanded its gold purchase program, entering into a contract with nine additional gold mining operations. Under the scheme, GoldBod reached an agreement with nine large-scale gold mining companies to purchase 20% of their gold production to augment national gold and foreign reserves.
The recent expansion of the Ghanaian gold purchase program marks a significant evolution in regulatory strategy regarding resource management. By incorporating nine more mining operations in the scheme, the Ghanaian government broadened industry participation, significantly increasing the volume of domestically retained gold.
The latest expansion brings a diverse mix of mining operations into the framework, namely: Goldstone Akrokeri, Earl International Group, Prestea Sankofa Gold, Xtra Gold Mining, Golden Team Mining, Adamus Resources, Gan He Mining Resource Development, Cardinal Namdini Mining, and Akroma Gold. The geographical distribution of these mining operations spans Ghana’s major gold-producing regions, culminating in a comprehensive national approach to reserve building.
