Govt and Stakeholders Sign MOU to Secure 30% of Large-Scale Gold Output for National Reserves

The Ghana Gold Board (GoldBod), the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines have signed a landmark Memorandum of Understanding under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The agreement secures 30% of the nation’s large-scale gold output for the country’s strategic reserves.

GoldBod, led by its Chief Executive Officer, Sammy Gyamfi, will serve as a principal implementing institution under the Policy.

Its role will be to purchase and aggregate the gold and channel it into local refining and reserve accumulation.

In a statement, GoldBod said the significance of the agreement “extends to every Ghanaian,” noting that stronger national reserves will support a more stable cedi, greater price stability in the market, and improved resilience against external economic shocks.

Under GANRAP, Ghana is working towards attaining fifteen (15) months of import cover by the year 2028.

That target is considerably above the internationally accepted benchmark for reserve adequacy.

The Policy is also expected to reduce the country’s reliance on costly external borrowing.

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