The Ghana Gold Board is set to buy up to 127 tonnes of gold annually from artisanal and small-scale miners, as part of a new national policy aimed at strengthening Ghana’s external reserves.
This was announced by Finance Minister Cassiel Ato Forson when he submitted before Parliament the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
He described the policy as Ghana’s comprehensive reserves-building policy.
According to Dr Forson, the initiative is designed to safeguard the economy and ensure stable participation in the gold market.
The acting defence minister indicated one of the key steps will be providing the Gold Board with enough funding to enable it to purchase gold continuously from local miners.
“Over the next three years, the Ghana Gold Board aims to mop up about 127 tonnes of ASM gold per annum,” he told Parliament.
“To achieve this objective efficiently, the following policy measures will be implemented in the artisanal small-scale mining sector.”
“The first is that the Ghana Gold Board shall arrange enough funds to acquire about three to four weeks’ worth of gold and ensure continuous market participation,” he said.
He added that “Mr Speaker, the Ghana Gold Board will assume full responsibility for the signing of off-take arrangements and the sale of all ASM gold it procures, effective from March 2026,” Dr Forson added.
The policy is designed specifically designed to deliberately and sustainably build the country’s external reserves and secure long-term macroeconomic stability.
The government is targeting an ambitious increase in reserves to the equivalent of 15 months of import cover by end-2028.
The policy sets intermediate milestones of 8.6 months by end-2026, 11.8 months by end-2027 and 15 months by end-2028.
He referred to the target as the creation of an “economic war chest” to shield Ghana against commodity price shocks, global financing volatility, geopolitical tensions and climate-related disruptions.
Dr Forson told Parliament that the policy is a deliberate gold-backed reserve accumulation strategy anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates the Ghana Gold Board to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana.
By: Rainbowradioonline.com/Ghana
