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Ghana mining reforms, gold purchase schemes, and scrutiny

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-14 16:52 UTC → 2026-08-16 16:30 UTC · added removed

Ghana is undergoing implementing significant mining and cocoa sector reforms. The government recently approved reforms, including a revision of the 2006 Minerals and Mining Act, capping leases at 20 years, introducing mandatory Community Development Agreements, and establishing district mining committees. Tensions have emerged regarding resource nationalism, specifically concerning the renewal of Gold Fields' Tarkwa mine lease and the state's acquisition of the Damang mine. The Ghana Gold Board (GoldBod) has assumed control over the domestic gold trade. Act. To bolster national reserves, the government signed a Memorandum of Understanding with the Ghana Chamber of Mines to implement the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). Under this initiative, large-scale mining companies will sell 30% of their gold output to the Bank of Ghana and GoldBod the Ghana Gold Board (GoldBod) for local refining, aiming to achieve 15 months of import cover by 2028. However, GoldBod and the Bank of Ghana are facing Financial scrutiny over the financial performance of the Domestic Gold Purchase Programme (DGPP). Abena Osei Asare, Chairperson of (DGPP) continues. While Parliament’s Public Accounts Committee, has called for an investigation into Committee previously raised concerns over reported losses of approximately US$1.7 billion, noting economist Ebo Turkson has disputed that GoldBod incurred these losses. Citing a discrepancy with 2026 IMF report, Turkson clarified that the Bank figure—representing approximately 1.5% of Ghana’s reported loss of US$214 million. GoldBod CEO Sammy Gyamfi defended the operations, citing the program’s foundation under GDP—should be attributed to the previous administration and noting Bank of Ghana due to translation costs arising from exchange rate accounting discrepancies, rather than GoldBod’s operational performance. Regulatory challenges also persist. Archbishop Nicholas Duncan-Williams has warned of a “very powerful movement” of individuals resisting gold sector regulation. He alleged that GoldBod generated GH¢970 million in non-tax revenue in 2025. In the mining sector, the Minister some buyers hold documentation for illegal gold purchases exceeding official government records, highlighting systemic failures. Additionally, while the Ministry of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, announced reforms requiring Resources has introduced mandatory community development agreements. Meanwhile, agreements to align extractive investments with local needs, officials noted that the Ghana Chamber prosecution of Mines has proposed increasing the mineral royalty share for host communities from 8% illegal mining (galamsey) suspects remains a primary challenge to 30%. protecting water bodies and farmlands.

Versions

  1. 2026-08-16 16:30 UTC Ghana mining reforms, gold purchase schemes, and scrutiny
  2. 2026-08-14 16:52 UTC Ghana mining reforms, gold purchase schemes, and scrutiny
  3. 2026-08-09 21:44 UTC Ghana mining reforms, gold purchase scheme, and resource deb

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