The Finance Minister has detailed the operational blueprint for the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which sets an aggressive weekly gold purchase target of 3.02 tonnes to build the nation’s external buffers.
Dr. Cassiel Ato Forson explained that the strategy is twofold. First, the Ghana Gold Board (GOLDBOD) is tasked with mopping up a minimum of 2.45 tonnes per week from the Artisanal Small-Scale Mining (ASM) sector, aiming to generate over US$20 billion annually.
The second pillar involves invoking the state’s pre-emptive right to purchase 20% of output from large-scale miners, translating to about 0.57 tonnes weekly.
Under the new arrangement for large-scale firms, transactions will be conducted in cedis only, at the prevailing interbank rate, with a discount to be negotiated based on volume.
Crucially, the gold must be sold in doré form to be processed in-country. An Inter-Agency Committee, co-chaired by the Finance and Lands Ministers, will enforce compliance.
The purchased gold will be refined locally before being sent to LBMA-accredited refineries abroad for final stamping and added to the country’s physical reserves.
The central bank cannot sell this gold without prior approval from Cabinet and Parliament.
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