The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq. has revealed that government, through the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), is targeting the purchase of three tonnes of gold every week in a move expected to generate over $400 million weekly for Ghana’s economy through 2028.
Speaking in an interview on Accra-based TV3, Mr. Gyamfi explained that the programme seeks to purchase 2.45 tonnes of gold weekly from the artisanal and small-scale mining sector.
In addition, large-scale mining companies are expected to contribute an additional 0.55 tonnes per week.
Speaking on the objectives of GANRAP, the GoldBod CEO explained that the initiative forms part of the President Mahama administration’s broader economic reset agenda aimed at strengthening Ghana’s foreign reserves, stabilising the cedi, and protecting the economy against future external shocks.
“We want to accumulate about 15 months of import cover so that when there is any external shock like COVID-19 or the Russia-Ukraine war, Ghana’s economy can stand the test of time,” he stated.
Mr. Gyamfi explained that after the establishment of GoldBod in April 2025, the institution initially continued the Bank of Ghana’s Domestic Gold Purchase Programme while implementing reforms, restructuring operations, and building new systems within the gold trading sector.
However, he noted that government has now transitioned fully into GANRAP, which has received approval from Cabinet and Parliament, with a stronger focus on efficiency and cost reduction.
According to him, one of the major achievements under the new programme has been a significant reduction in the cost of gold reserve accumulation.
He disclosed that while the previous Domestic Gold Purchase Programme operated at a cost of about 16 percent, GANRAP has reduced that figure to 7.25 percent, with projections to reduce it further to 5 percent next year and eventually 3 percent.
Mr. Gyamfi also revealed that GoldBod no longer purchases gold using forex bureau rates but now buys at the interbank rate, a move he said has substantially reduced losses associated with exchange rate gaps.
He further indicated that government has reduced discount arrangements on gold exports while tightening systems to minimise purity losses and other operational costs.
“This is about building a resilient economy at a lower cost while ensuring that Ghana derives maximum benefit from its gold resources,” he emphasized.
The Ghana Accelerated National Reserve Accumulation Programme (GANRAP) forms part of government’s broader strategy to reposition Ghana’s gold sector as a major pillar of economic stability and reserve accumulation.
Implemented through the Ghana Gold Board, the programme is designed to increase in-country gold retention, strengthen foreign exchange reserves, stabilize the local currency, and ensure that Ghana derives greater long-term value from its mineral resources through a more efficient and cost-effective gold purchasing regime.
