The Ghana Gold Board (GoldBod), led by its Chief Executive Officer, Sammy Gyamfi, has joined key state institutions and the Ghana Chamber of Mines to sign a landmark Memorandum of Understanding (MoU) aimed at strengthening Ghana’s strategic gold reserves.
The agreement, executed under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), will secure 30 percent of the country’s large-scale gold production for strategic reserve accumulation.
The MoU was signed in collaboration with the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines, alongside participating mining companies.
Under the arrangement, GoldBod will serve as one of the principal implementing institutions of GANRAP.
Its role will include purchasing and aggregating the allocated gold for local refining and subsequent inclusion in Ghana’s national reserves.
The policy is expected to strengthen the country’s external reserves and enhance Ghana’s ability to withstand external economic shocks.
According to GoldBod, stronger national reserves could contribute to greater stability of the Ghanaian Cedi, improved price stability and reduced dependence on expensive external borrowing.
As part of the policy, Ghana is targeting 15 months of import cover by 2028, a level significantly above the internationally accepted benchmark for reserve adequacy.
The initiative forms part of broader efforts to build Ghana’s reserves using the country’s gold resources while strengthening macroeconomic resilience.
GoldBod expressed appreciation to the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Chamber of Mines and the participating mining companies for their commitment to the implementation of the policy.
