Ghana Seeks 30% of Large Gold Mines’ Output For Local Refineries

Ghana wants large-scale gold mines to sell at least 30% of their annual output to the central bank to increase local refining and boost the country’s foreign-exchange reserves.

Africa’s largest bullion producer is seeking an additional 10% on top of the current 20% that large mines must sell to the state-owned Ghana Gold Board, which buys the metal on behalf of the central bank. Unlike the current arrangement, where mines sell refined gold, all 30% would be purchased as doré, or unrefined gold, to feed local refineries, said Paul Bleboo, who heads gold management at Ghana’s central bank.