GoldBod: Government Targets 2% FX Generation Cost with Proposed 3% Gold Purchase Discount in 2027

Government has announced plans to introduce a 3 per cent discount on small-scale gold purchases in 2027, in a major policy move aimed at reducing the cost of generating foreign exchange and accumulating gold reserves through the Ghana Gold Board (GoldBod).

The proposed intervention is expected to lower the baseline cost of generating foreign exchange and accumulating reserves from 5 per cent in 2026 to approximately 2 per cent in 2027, further improving the efficiency of Ghana's gold-backed foreign exchange generation framework.

Finance Minister, Dr. Cassiel Ato Forson, announced the initiative during the presentation of the 2027 Budget Statement, indicating that the measure would be developed in consultation with industry stakeholders.

The announcement comes against the backdrop of strong export performance under Ghana's gold sector reforms. According to the Minister, the country exported 88 tonnes of small-scale gold valued at approximately US$12 billion, alongside 80.64 tonnes of large-scale gold valued at US$10.23 billion.

These export earnings have significantly increased foreign exchange inflows, strengthened Ghana's international reserves and supported efforts to stabilise the cedi.

The proposed discount is intended to make small-scale gold procurement more cost-effective, allowing Government to retain a greater proportion of the foreign exchange value generated from gold exports. Its implementation, following consultations with industry players, is expected to reinforce the financial sustainability of the gold procurement and reserve accumulation framework.

The planned intervention builds on the substantial reduction already achieved in the cost of generating foreign exchange and accumulating reserves. The baseline cost declined from 16 per cent in 2025 to 5 per cent in 2026, demonstrating improvements in the efficiency of the framework.

Reducing this cost further to 2 per cent in 2027 would represent another significant step towards maximising the national economic returns from Ghana's gold resources.

The policy direction reinforces GoldBod's growing strategic importance in mobilising foreign exchange, supporting reserve accumulation and ensuring that the country's gold resources deliver greater value to the national economy.