The Ghana Gold Board (GoldBod), led by its Chief Executive Officer, Sammy Gyamfi, has joined the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines to sign a landmark Memorandum of Understanding (MoU) under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The agreement will secure 30% of Ghana’s large-scale gold production for the country’s strategic reserves.
Under the policy, GoldBod will serve as a key implementing institution, purchasing and aggregating the gold before channelling it into local refining and reserve accumulation.
The initiative is expected to strengthen Ghana’s external reserves and support broader economic stability.
Stronger reserves could help stabilise the cedi, support price stability and improve the country’s ability to withstand external economic shocks.
As part of the policy, Ghana is targeting 15 months of import cover by 2028. This is significantly above the internationally accepted benchmark for reserve adequacy and is expected to reduce the country’s reliance on costly external borrowing.
GoldBod expressed appreciation to the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Chamber of Mines and participating mining companies for their commitment to the initiative.
