Ghana and World Gold Council Sign Deal to Strengthen Gold Supply Chains
Ghana has signed a landmark agreement with the World Gold Council aimed at improving transparency, sustainability, and traceability in the country’s gold sector. The deal includes a $250,000 boost to support responsible mining initiatives and is expected to help Ghana meet growing international demand for ethically sourced gold.
The agreement was signed by the Minister for Lands and Natural Resources and the CEO of the World Gold Council. Officials said the partnership will focus on three key areas: tightening supply chains, combating illegal mining, and ensuring that gold produced in Ghana can be tracked from mine to market.
As part of the plan, the government announced it will procure a new gold traceability system next month. The system is expected to use digital tracking to monitor gold production, transportation, and export, reducing opportunities for smuggling and revenue leakage. The Ministry said this will also help small-scale miners formalize their operations and access better markets.
In Parliament, lawmakers received a briefing from GoldBod on its operations. The state gold trading body reported $16.11 billion in gold trade over the past period, and MPs commended its impact on foreign exchange inflows. Members said GoldBod has played a key role in stabilizing the cedi by increasing gold reserves and reducing reliance on dollar-denominated transactions.
Industry stakeholders welcomed the World Gold Council deal, saying it will improve Ghana’s reputation in global markets where buyers are increasingly asking for proof of responsible sourcing. Mining companies said clearer traceability rules will also help them meet ESG requirements from international investors.
Economists note that gold remains one of Ghana’s top foreign exchange earners, and strengthening the value chain could mean more revenue for development. However, they caution that implementation will be key — especially in the artisanal and small-scale mining sector where regulation has historically been weak.
The government says the new system will be rolled out in phases, starting with large-scale mines before extending to licensed small-scale operators. If successful, officials believe Ghana could become a model for responsible gold production in Africa.
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