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 is aimed at securing 30% of Ghana’s large-scale gold production for the country’s strategic gold reserves.
The initiative forms part of efforts to strengthen Ghana’s national reserves and build greater resilience in the country’s financial and economic system.
Under the arrangement, GoldBod will serve as a principal implementing institution, purchasing and aggregating the gold for local refining and subsequent reserve accumulation.
The initiative is expected to strengthen Ghana’s foreign exchange reserves, support the stability of the cedi, promote greater price stability and improve the country’s resilience against external economic shocks.
As part of the policy, Ghana is targeting 15 months of import cover by 2028, significantly above the internationally accepted benchmark for reserve adequacy.
The policy is also expected to help reduce Ghana’s reliance on costly external borrowing by building stronger domestic reserves through the country’s gold resources.
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 national reserve accumulation initiative.
The agreement marks a significant step in Ghana’s efforts to leverage its gold resources to strengthen the country’s economic and financial stability.
