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Ghana is strengthening its efforts to build a more resilient national reserve position through an agreement that will see the government purchase 30% of gold produced by large-scale mining companies under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
The memorandum of understanding (MoU), signed between the government and the Ghana Chamber of Mines, formally brings the programme into effect and provides a framework for the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) to purchase the agreed share of gold output from large-scale producers. The gold will be processed and refined locally before being accumulated as part of Ghana’s reserves, linking the country’s gold production more directly to its macroeconomic stability and reserve-building objectives.
The agreement, approved by Parliament, follows extensive negotiations involving the Ministry of Finance, Ministry of Lands and Natural Resources, GoldBod, BoG, the Ghana Chamber of Mines and individual large-scale mining companies. It became effective on August 13, 2026. Finance Minister Cassiel Ato Forson said the signing marked the successful conclusion of discussions between the government and the mining industry on the implementation of GANRAP. “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,” said Forson.
Under the arrangement, the BoG will purchase the gold while GoldBod will facilitate its local processing and refining. The initiative is intended to strengthen the country’s reserve position by converting a portion of locally produced gold into a strategic national asset rather than allowing the entire output to flow into international markets.
Minister of Lands and Natural Resources Emmanuel Armah-Kofi Buah welcomed the cooperation from the Ghana Chamber of Mines and large-scale producers, describing it as an indication of the industry’s commitment to supporting macroeconomic stability. He assured mining companies that his ministry would continue working with the industry to address emerging issues as the programme is implemented.
BoG Governor Johnson Asiama also commended the mining industry for its support, describing the 30% commitment as a meaningful contribution to national development. He said, “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.”
The Chamber of Mines has backed the programme, with its Chief Executive Officer Kenneth Ashigbey saying a stable macroeconomic environment remains essential for businesses to operate and grow. He noted GANRAP’s objective of building a 15-month reserve buffer could strengthen Ghana’s ability to withstand economic shocks while also supporting business confidence. “The policy intention of GANRAP is something that, as an industry, we completely support,” said Ashigbey.
The industry, however, wants the programme to evolve beyond its current 2028 timeline and become more incentive-driven, particularly to encourage greater local processing and refining. Ashigbey concluded that appropriate incentives could position Ghana as a gold refining hub for the West African sub-region, pointing to approaches adopted in Tanzania, India and South Africa.
