In particular, Ghana plans from June to increase the mandatory share of gold, which large mining companies must sell to the state, from 20% to 30%. This is reported by Bloomberg. The authorities thus expect to strengthen foreign exchange reserves, develop local processing of gold and increase the added value within the country.
What is changing for gold mining companies
We are talking about major international gold producers operating in the country, including AngloGold Ashanti, Gold Fields and Newmont.
According to the country’s central bank officials, the entire mandatory quota must now be delivered in the form of dore – unprocessed gold destined for processing at local refineries. Negotiations with mining companies on commercial terms are still ongoing, but the scheme could be launched as early as June 1.
Ghana remains Africa’s largest gold producer, and the metal itself accounts for about 67% of the country’s export earnings. The authorities are trying to use the rise in global gold prices to strengthen foreign exchange reserves and support the national currency, the cedi.
The program of state purchases of gold has been in effect since 2022. According to the Bank of Ghana, the accumulated gold reserves have already exceeded 19 tons. Now the government seeks to accelerate this process and at the same time develop domestic processing of raw materials instead of exporting semi-finished products.
The initiative reflects a broader trend among resource states in Africa, which are seeking to increase the share of local processing of minerals and reduce dependence on exports of raw materials without deep processing.
Possible market implications
For international gold mining companies, the new requirements may mean changes in export logistics and terms of sale of part of production. At the same time, the Ghanaian authorities expect to increase the utilization of national refining capacities and create additional jobs in processing, noted in the Bloomberg publication.
Against the background of high world gold prices, many central banks continue to build up gold reserves as an instrument of currency stability and protection from external risks, analysts say.
