Govt Secures 30% of Large-Scale Gold Output for National Reserves under GANRAP
The government has signed a Memorandum of Understanding (MoU) with the Ghana Chamber of Mines to purchase 30 per cent of gold produced by large-scale mining companies under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
The agreement, approved by Parliament, will enable the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) to acquire the specified share of gold output from large-scale miners for local processing and refining before it is added to the country’s reserves.
The MoU was signed by representatives of the Ministry of Finance, Ministry of Lands and Natural Resources, GoldBod and the BoG on behalf of the government, while the Ghana Chamber of Mines represented participating large-scale mining companies.
The signing followed extensive negotiations between the government, the Chamber of Mines, mining companies, the central bank and GoldBod, formally bringing the policy into effect on Thursday, August 13, 2026.
The Minister of Finance, Dr Cassiel Ato Forson; Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah; Chief Executive Officer of GoldBod, Sammy Gyamfi; and Governor of the BoG, Dr Johnson Asiama, signed on behalf of the government parties. Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, signed for the mining companies.
Speaking at the signing ceremony at the Ministry of Finance in Accra, Dr Forson said the agreement marked the successful conclusion of negotiations with the mining companies and the Chamber of Mines to implement GANRAP.
He explained that the gold would be purchased by the BoG, while GoldBod would facilitate its processing and refining locally.
“Today’s signing of the memorandum of understanding signifies that we have successfully come to a mutual understanding that the policy will be implemented effective the date of signing,” Dr Forson said.
Mr Buah expressed appreciation to the Chamber and large-scale mining companies for their cooperation and support for GANRAP.
He said the partnership demonstrated the mining industry’s commitment to supporting macroeconomic stability, which he described as critical to Ghana’s economic development.
The minister assured the Chamber and its members that the Ministry of Lands and Natural Resources would continue engaging them to address emerging concerns as the programme is implemented.
Dr Asiama also commended the Chamber and its member companies for their partnership, describing the 30 per cent commitment as a significant contribution to national development.
“The Bank of Ghana remains committed to working closely with all stakeholders to ensure that the successful implementation of this agreement happens and to maximise its benefits for the Ghanaian people,” he said.
For his part, Mr Ashigbey said the mining industry fully supported GANRAP, stressing that a stable macroeconomic environment was essential for businesses to operate and grow.
He said the programme’s objective of building a 15-month reserve buffer would strengthen Ghana’s resilience against economic shocks while also creating a more stable environment for businesses.
“The policy intention of GANRAP is something that, as an industry, we completely support,” he said.
Mr Ashigbey, however, called for GANRAP to evolve into an incentive-based system beyond its current 2028 timeline, arguing that stronger incentives could encourage mining companies to undertake more processing and refining locally.
He said such a policy could help position Ghana as a major gold refining hub in West Africa.
He cited Tanzania, India and South Africa as examples of countries that have adopted incentive-based approaches to promote domestic gold refining and urged Ghana to consider similar measures.
The implementation of the 30 per cent gold purchase arrangement is expected to strengthen Ghana’s foreign exchange reserves, support local gold refining and deepen the country’s participation in the value chain of its gold resources.
Source: Felix Nyaaba/expressnewsghana.com
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