Ghana Seeks 30 Percent of Gold Output for Reserves
The Bank of Ghana is seeking to increase mandatory gold purchases from large-scale miners to 30 percent of annual production to stabilize the cedi. While the central bank aims to build 157 tons of bullion by 2028, mining firms report that negotiations over pricing and discounts remain unresolved.
Ghana is demanding large-scale miners sell 30% of their annual gold output to the central bank to strengthen national reserves. The move increases the previous 20% requirement as the government targets 157 tons of bullion by 2028. Central banks globally are increasingly stockpiling bullion as soaring prices boost its appeal as a reserve asset.
### Rebuilding Buffers Through Bullion The Bank of Ghana is accelerating its reserve-building drive following the country's worst economic crisis in a generation. Gold reserves reached 19.2 metric tons in February, according to central bank data. This accumulation helped stabilize the Ghanaian cedi and rebuild external buffers as the economy recovered.
