GoldBod Signs Agreement to Establish 300 New Mines

The Ghana Gold Board (GoldBod) has signed a Memorandum of Understanding (MoU) with Goldstream Global DMCC for an investment of up to US$1 billion to help develop 300 mines across the country.

The Chief Executive Officer of the Board, Mr Sammy Gyamfi, said this at the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025, noting that the agreement would help transform Ghana’s gold sector while helping to create jobs for the youth.

“On 22nd August 2025, the Gold Board signed a Memorandum of Understanding with Goldstream Global DMCC. This MOU would eventually transform into a commercial agreement by November 2025 for the investment of up to $1 billion USD in establishing over 300 responsible mines in blocked out mineralised areas and in partnership with concession owners,” he announced.

“Under this program, the GoldBod will be collaborating with the Ministry of Lands and Natural Resources and its allied agencies such as, the Minerals Commision of Ghana to develop mineralized areas, as well as partner with concession owners and communities to maximize Ghana’s gold output through sustainable mining,” he added. 

Mr Gyamfi explained that the programme, dubbed the Mining Support Programme, was part of a broader strategy to increase national gold output through sustainable mining practices.

“This crucial Mining Support Programme will increase national gold output and create thousands of jobs in the mining ecosystem for the teeming unemployed youth of our country,” he said.

The Gold Board, he added, would collaborate with the Ministry of Lands and Natural Resources and its allied agencies, such as the Minerals Commission, to develop mineralised areas and ensure environmentally responsible operations. “Already, the Minerals Commission has released 10 blocked out mineralised areas to the Gold Board for this programme and has further pledged to release more in the coming weeks,” he told the gathering.

The initiative, according to Mr Gyamfi, aims not only to boost production but also to formalise artisanal and small-scale mining while providing financing for environmentally friendly equipment.

“Our mission is to sustainably increase Ghana’s gold output and develop the country’s gold supply chain responsibly from the country’s heartland to global vaults, empowering communities while delivering sustainable and transformational returns,” he stressed.

He said the Board was determined to provide practical financing solutions to unlock the sector’s full potential.

“Current financing models for mining in Ghana are too conservative. We need African capital structures to provide bold but practical financing solutions for the minerals and mining sector to maximise production and optimise recovery, particularly in this time of record high international gold prices,” he explained.

Mr Gyamfi underscored that the partnership with Goldstream Global would also promote technological innovation and support the government’s efforts to reposition the minerals and mining industry as a driver of employment and national development.

“This is about creating sustainable livelihoods for our youth and maximising Ghana’s gold wealth for the benefit of all citizens,” he ended.