Government Secures 30% Large-Scale Gold Output Purchase Deal

The government has signed a Memorandum of Understanding (MoU) with the Ghana Chamber of Mines to purchase 30 per cent of gold output from large-scale mining companies under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).

The agreement, approved by Parliament, will enable the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) to purchase the specified share of gold from large-scale miners. The gold will then be processed and refined locally for reserve accumulation.

The signing follows negotiations between the government, the Ghana Chamber of Mines, mining companies, the central bank and GoldBod, and marks the formal commencement of the policy, effective August 13, 2026.

According to Finance Minister Dr Cassiel Ato Forson, the agreement represents the successful conclusion of negotiations with the mining companies and the Chamber of Mines. He said the gold would be purchased by the Bank of Ghana, while GoldBod would facilitate its local processing and refining.

The Ghana Chamber of Mines expressed support for GANRAP, noting that a stable macroeconomic environment is essential for businesses to operate and grow. The Chamber also said the programme’s objective of building a 15-month reserve buffer would help Ghana withstand economic shocks while benefiting businesses.

The Chamber’s CEO, Kenneth Ashigbey, further called for GANRAP to evolve into an incentive-based system beyond its current 2028 timeline, particularly to encourage local processing and refining and position Ghana as a gold refining hub in the West African sub-region.

Source: Graphic Online

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