Ghana
GoldBod MOU published, completing the legal architecture of the 30% state gold acquisition programme
The Memorandum of Understanding governing Ghana's state gold acquisition programme was published on 29 July, setting out the terms agreed among the Ministry of Finance, the Ministry of Lands and Natural Resources, the Ghana Gold Board, the Bank of Ghana, and the Ghana Chamber of Mines. The programme, effective from 1 July, requires GoldBod to purchase 30% of the gold output of all large-scale mining companies operating in Ghana, with doré gold refined locally, shipped to an LBMA refinery for melting and stamping, and delivered to the Bank of Ghana as official reserves. The policy anchors the Ghana Accelerated National Reserve Accumulation Program, targeting reserves equivalent to 15 months of import cover by end-2028, and aligns with President Mahama's stated ambition of zero raw mineral exports by 2030. The pricing architecture embedded in the published terms is the operative commercial variable: if GoldBod's purchase price sits materially below international spot, large-scale operators retain recourse through investment treaty mechanisms.
