The Minister of Finance, Cassiel Ato Forson, has detailed the operational blueprint for the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which targets a weekly gold purchase of 3.02 tonnes to strengthen the nation’s external reserves.
Addressing Parliament on Wednesday, Dr Forson explained that the strategy rests on two main pillars aimed at building sustainable foreign exchange buffers and enhancing macroeconomic stability.
The first pillar mandates the Ghana Gold Board (GOLDBOD) to purchase a minimum of 2.45 tonnes of gold per week from the Artisanal Small-Scale Mining (ASM) sector. The initiative is projected to generate over US$20 billion annually.
The second component involves the State invoking its pre-emptive right to acquire 20 per cent of gold output from large-scale mining companies, equivalent to approximately 0.57 tonnes weekly.
Under the new arrangement, transactions with large-scale mining firms will be conducted strictly in cedis at the prevailing interbank exchange rate. A discount is to be negotiated based on volume, while all gold must be sold in doré form for in-country processing.
An Inter-Agency Committee, co-chaired by the Ministers responsible for Finance and Lands and Natural Resources, will oversee enforcement and ensure compliance with the new framework.
The purchased gold will be refined locally before being sent to refineries accredited by the London Bullion Market Association (LBMA) for final certification and stamping, after which it will be added to Ghana’s physical reserves.
Dr Forson emphasised that the Bank of Ghana would not be permitted to sell any of the accumulated gold without prior approval from Cabinet and Parliament.
The GANRAP initiative forms part of broader measures by the Government to strengthen reserve adequacy, stabilise the cedi and deepen value addition within the mining sector.
