Ghana is demanding a bigger share of gold produced by multinational mining companies as governments around the world rush to stockpile bullion amid soaring prices, geopolitical tensions and growing uncertainty in global markets.
The West African nation, Africa’s largest gold producer, wants large-scale miners to sell 30% of their annual gold output to the country’s central bank, up from the current 20% arrangement, according to officials familiar with the negotiations.
The move has already triggered resistance from mining companies, which say critical commercial terms, including pricing structures, discounts and timelines, remain unresolved.
The proposal highlights how resource-rich African countries are increasingly tightening control over strategic minerals as commodity prices surge and governments seek stronger protection against currency volatility and external economic shocks.
Speaking to Reuters, Paul Bleboo, head of the Bank of Ghana’s Gold Management Programme, said the government intends to renegotiate existing supply arrangements with industrial miners and wants the entire 30% allocation delivered in doré form, a semi-refined gold product.
