The Government of Ghana has reached a landmark agreement with large-scale mining companies to sell 30% of their gold production to the Bank of Ghana and the Ghana Gold Board for local processing and refining. This initiative is a key part of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
The agreement was formalized through a Memorandum of Understanding (MoU) signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Gold Board, and the Ghana Chamber of Mines, which represents the country’s major mining companies.
At the signing ceremony, Finance Minister Dr. Cassiel Ato Forson emphasized that the agreement followed extensive consultations among the government, mining stakeholders, and financial institutions. He noted that this event marks the successful completion of negotiations to implement the 30% gold purchase component of GANRAP.
“This signing signifies that we have reached a mutual understanding to implement this policy effectively from this date,” Dr. Forson said. Under this arrangement, gold purchased from mining companies will be processed and refined locally before being transferred to the Bank of Ghana to support the country’s reserve accumulation efforts. He described the agreement as an important step toward strengthening Ghana’s foreign reserves and enhancing macroeconomic stability.
Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah hailed GANRAP as a transformative initiative with significant potential to improve financial management and macroeconomic stability. He praised the cooperation of the Chamber of Mines and mining companies during negotiations and assured ongoing collaboration to address implementation challenges. Mr. Buah also stressed the importance of flexibility as the programme is rolled out to better serve the national interest.
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, pledged the central bank’s full support for the programme’s success. He acknowledged the joint efforts of the Ghana Gold Board, Ministry of Finance, and Ministry of Lands and Natural Resources in bringing stakeholders together and committed the Bank of Ghana to working closely with all partners to maximize benefits for Ghana’s economy.
Eric Asubonteng, CEO of the Ghana Chamber of Mines, expressed strong industry support for GANRAP’s objectives, highlighting the focus on building Ghana’s macroeconomic resilience. He welcomed the programme’s goal to establish internationally accredited gold refineries within the country. Mr. Asubonteng revealed that even before GANRAP, the Chamber had been exploring opportunities to promote local refining through partnerships with refineries in Ghana and South Africa.
He urged that GANRAP be extended beyond its current timeframe and evolve into an incentive-based system to encourage sustained local processing and refining. Citing examples from Tanzania, India, and South Africa, he suggested that incentives could significantly boost local beneficiation of minerals, positioning Ghana as a major gold refining hub for West Africa by leveraging its substantial gold production.
“We need to look at GANRAP beyond even 2028,” Mr. Asubonteng said, emphasizing that an incentive-driven framework would enhance the sustainability of local beneficiation. He reaffirmed the Chamber’s commitment to working with government and stakeholders to overcome challenges and achieve GANRAP’s broader goals.
The signing of this MoU unites the government, Bank of Ghana, Ghana Gold Board, and large-scale mining companies under a common framework for gold purchases, local refining, and the accumulation of Ghana’s national reserves, marking a significant step forward for the country’s economic future.
