Government has set a target of acquiring 3.02 tonnes of gold every week under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), as part of efforts to significantly boost the country’s external reserves.
Presenting the operational framework of the policy in Parliament on Wednesday, Finance Minister Cassiel Ato Forson explained that the strategy is built on a two-pronged approach aimed at steadily accumulating gold for Ghana’s reserves while promoting value addition within the country.
Under the first pillar, the Ghana Gold Board (GOLDBOD) has been mandated to purchase a minimum of 2.45 tonnes of gold per week from the Artisanal Small-Scale Mining (ASM) sector. According to the Minister, the initiative is projected to mobilise more than US$20 billion annually in gold value, strengthening Ghana’s reserve buffers and supporting macroeconomic stability.
The second pillar involves the state exercising its pre-emptive right to acquire 20 percent of output from large-scale mining companies. This is expected to yield approximately 0.57 tonnes of gold per week.
Dr. Forson disclosed that, under the revised arrangement with large-scale producers, all transactions will be conducted strictly in cedis at the prevailing interbank exchange rate. He added that volume-based discounts will be negotiated, and that all gold purchases must be in doré form and processed locally to promote domestic refining capacity and ensure more value is retained within the economy.
To ensure compliance with the new directives, an Inter-Agency Committee co-chaired by the Ministers for Finance and Lands and Natural Resources will oversee implementation and enforcement.
The gold acquired under the programme will first be refined locally before being transferred to refineries accredited by the London Bullion Market Association (LBMA) for final certification and stamping. Once certified, the gold will be added to Ghana’s physical reserves.
In a further safeguard, the Finance Minister emphasised that the Bank of Ghana will not be permitted to dispose of the accumulated gold without prior approval from both Cabinet and Parliament.
GANRAP forms part of broader government measures to strengthen reserve adequacy, stabilise the cedi, and reduce Ghana’s exposure to external economic shocks through sustained accumulation of physical gold assets.
