Ghana Proposes 3% Discount on Small-Scale Gold Purchases From 2027

Ghana's government has proposed a three per cent discount on gold it buys from small-scale miners starting in 2027, a move it says would cut the cost of building the country's foreign exchange reserves from five per cent to two per cent. Finance Minister Dr Cassiel Ato Forson announced the plan while presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026, according to Graphic Online.

Contents

01

A Pricing Change With Reserve Costs in Mind

02

A Debate That Has Run Through 2026

03

Where the Costs Sit, and What Gold Earns

04

Responsible Sourcing Work Continues Alongside

A Pricing Change With Reserve Costs in Mind

The discount would apply to purchases made through the Ghana Gold Board, known as GoldBod, which runs the state programme that buys gold from artisanal and small-scale miners. Forson asked the National Association of Small-Scale Miners and the Licensed Gold Buyers Association to back the changes, which are expected to lower the cost of GoldBod's gold reserve accumulation programme.

For readers new to forex, foreign exchange reserves are the foreign currency and gold holdings a central bank keeps to pay for imports and defend its currency. Building those reserves is not free: buying gold locally involves service fees, testing charges and trading margins, and those costs eat into the value of what is accumulated. A discount on the purchase price is one way to narrow that gap.

Forson told Parliament the cost of accumulating reserves had already fallen from 16 per cent in 2025 to five per cent in 2026, and the government intends to bring it down to two per cent in 2027 through the proposed discount, following consultations with industry stakeholders. "Together, Mr Speaker, we can build stronger reserves at a lower cost and ensure that Ghana's gold delivers lasting benefit for our people," he said.

A Debate That Has Run Through 2026

The proposal follows months of disagreement over how GoldBod prices gold bought from artisanal and small-scale miners. On January 6, 2026, GoldBod defended its decision to buy at prevailing spot prices, arguing that discounted purchases could encourage smuggling and undermine efforts to channel gold through official trading channels. The board maintained that competitive prices were needed to keep miners selling through the formal market.

Later that month, on January 27, 2026, the Ghana National Association of Small-Scale Miners proposed a two per cent discount for licensed buyers as part of recommendations submitted to GoldBod after nationwide consultations. The association also proposed changes to the licensing regime to address gold hoarding and market distortions. GoldBod said at the time that it would study the recommendations and engage industry stakeholders on possible changes.

The government's proposal also comes amid concerns raised by the International Monetary Fund about the cost and financial sustainability of Ghana's domestic gold purchasing programme. In its 2026 assessment of Ghana, the IMF reported that the programme's costs had declined to 11.7 per cent in the first quarter of 2026, against a five per cent target under the memorandum of understanding. The Fund identified service fees, assay charges, trading margins, off-taking costs and foreign exchange pricing differences as some of the factors behind those costs, and said additional measures were needed to bring them down and contain the associated fiscal risks.

Where the Costs Sit, and What Gold Earns

The question of who carries the cost has also featured in the Bank of Ghana's communications with Parliament. In a statement to the Parliamentary Committee on Economy and Development on Friday, November 6, 2026, Governor Dr Johnson Pandit Asiama said the transfer of the costs associated with domestic gold purchases to GoldBod is expected to reduce the quasi-fiscal burden on the central bank's balance sheet. A quasi-fiscal burden refers to costs that fall on a public institution outside the regular government budget.

Asiama also said reserve accumulation is now anchored by the Ghana Accelerated National Reserve Accumulation Programme, which became operational in April 2026 and targets 15 months of import cover by 2028. Import cover is the number of months a country could pay for its imports using its reserves. He told the committee that rebuilding and sustaining adequate reserve buffers remain important priorities given external uncertainties and the need to maintain confidence in the foreign exchange market.

Gold's contribution to Ghana's external position is substantial. Forson told Parliament that GoldBod exported 88 tonnes of small-scale gold valued at US$12 billion in January 2026, compared with 80.64 tonnes valued at US$10.23 billion from the large-scale mining sector. He said the earnings were increasing foreign exchange supply, strengthening the country's reserves and supporting the stability of the cedi, the local currency. The proposed discount is intended to lower the cost of accumulating reserves while maintaining the contribution of gold exports to the country's external position.

Responsible Sourcing Work Continues Alongside

Separately, planetGOLD Ghana and GoldBod have been exploring ways to improve small-scale miners' access to finance, promote mercury-free gold processing and strengthen responsible gold trading. A meeting brought together technical teams from Ghana's Environmental Protection Agency, planetGOLD Ghana, GoldBod and the United Nations Development Programme to identify areas of practical cooperation.

Discussions focused on supporting small-scale miners, reducing the harmful effects of mercury use and improving the traceability of Ghana's gold production. A central item was the project's proposed US$18,000 revolving fund, intended to help eligible miners buy mercury-free equipment and operate more responsibly, with participants exploring how GoldBod could support or complement it. The teams also looked at linking miners in project pilot areas with licensed gold buyers, and at supporting local equipment manufacturers, miner training, geological services and central processing facilities.

Acting Minister Essie Nana Nelkuaye-Tetteh stressed the importance of cooperation between the EPA and the gold board, noting that the two institutions play complementary roles in promoting responsible mining and sustainable gold trade. The technical teams agreed to identify shared interests, draft a joint work plan and prepare a memorandum of understanding to guide future cooperation, with further talks at senior management level. The collaboration comes as planetGOLD Ghana moves toward a planned 2027 completion.

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