Ghana Gold
Key Facts
- Plan. Ghana’s 2027 budget plans a 3% discount on small-scale gold purchases next year.
- Aim. Ghana targets cutting the cost of generating foreign exchange and building reserves from 5% in 2026 to 2%.
- Before. That baseline cost was 16% in 2025.
- Scale. The Ghana Gold Board (GoldBod) exported 88 tonnes of small-scale gold worth US$12 billion since January 2026.
- Next. The discount is to be introduced in consultation with industry; no exact start date is given.
Ghana’s government plans to introduce a 3% discount on small-scale gold purchases in 2027, as part of a drive to make building the country’s foreign-currency reserves cheaper. The measure sits in the 2027 Budget Statement that Finance Minister Cassiel Ato Forson presented to Ghana’s Parliament on Thursday 12 November.
GoldBod, the Ghana Gold Board, is the agency the budget credits with Ghana’s small-scale gold exports. For US readers, the change matters because gold made up 69.9% of export receipts as of September 2026 (our budget-day preview sets out the wider plan).
What the Budget Says
The budget text reads: “To reduce this cost further to 2 percent, Government will, in consultation with industry stakeholders, introduce a 3 percent discount on small-scale gold purchases in 2027.” It says the baseline cost of generating foreign exchange fell from 16 percent in 2025 to 5 percent in 2026 under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The budget does not say which price the 3% is measured against, or how the 5% and 2% cost figures are calculated. It leaves those details to talks with industry stakeholders.
Where the Cost Sits in the Budget
The budget’s gold section is headed “ASM Gold Purchase and Ghana Gold Board (GoldBod) Reforms,” where ASM means artisanal and small-scale mining. The 3% discount belongs to the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), the programme the budget uses to build the country’s foreign-currency reserves.
The 2027 budget lists transfers to GoldBod “as cost of GANRAP implementation” within a GH¢17.2 billion (cedis, about US$1.5 billion) line for other expenditure. The line is 1.0% of GDP (gross domestic product, national output) and also covers energy levy transfers and unpaid bills to independent power producers; the conversion uses roughly 11.7 cedis per US$1 (the central bank’s interbank rate, at which banks trade dollars with each other, about 11.65 to 11.7 in early November 2026).
The Scale of the Trade
The budget says GoldBod has exported 88 tonnes of small-scale gold valued at US$12 billion since January 2026. The large-scale mining sector exported 80.64 tonnes worth US$10.23 billion over the same period.
The budget also sets a refining target: at least 70% of small-scale gold is to be refined in Ghana by December 2027. From December 2028 all exports of raw small-scale gold will be banned.
Risks for the Plan
The finance minister urged the Ghana National Association of Small-Scale Miners and the Licensed Gold Buyers Associations, the trade bodies for miners and licensed buyers, to support the reforms. The budget does not report their response.
The budget does not say how it will keep sellers in the official system at a lower price. Our earlier reports on small-scale gold exports and the central bank’s gold losses show why the cost of the programme became a political issue.
What It Means for You
Our reading: the discount is a pricing measure meant to lower the cost of building reserves. For buyers abroad, the world gold price is set elsewhere, so the measure does not change it.
What Is Not Known
The budget does not say which month the 3% discount starts, which price it is measured against, or what counts as a small-scale purchase for this rule. Published estimates of the central bank’s 2025 losses on the programme also differ, so we quote none.
Frequently Asked Questions
What is the 3% discount on Ghana’s gold purchases?
It is a planned 3% discount on small-scale gold purchases in 2027. The 2027 budget says it will help cut the cost of building reserves to 2 percent.
Which agency exports Ghana’s small-scale gold?
The Ghana Gold Board, known as GoldBod, which the budget credits with those exports. The 2027 budget lists transfers to GoldBod as the cost of GANRAP implementation.
How much gold has GoldBod exported in 2026?
The budget says 88 tonnes of small-scale gold worth US$12 billion since January 2026. Large-scale miners exported 80.64 tonnes worth US$10.23 billion.
When does the discount start?
The budget says only “in 2027” and after consultation with industry. No exact date has been published.
Sources: Government of Ghana, Ministry of Finance, 2027 Budget Statement and Economic Policy, presented 12 November 2026 (paragraphs 393 to 394, 826, 965 to 971 and 1028); Bank of Ghana interbank exchange rate, about 11.65 to 11.7 cedis per US dollar, early November 2026.
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