Ghana GANRAP gold purchase MOU signed

The Government of Ghana, through the Ministry of Finance, Ghana — Ministry of Lands and Natural Resources, Ghana, Ghana — Bank of Ghana, Ghana — Ghana GoldBod (GoldBod), and the Ghana Chamber of Mines, signed a Memorandum of Understanding (MOU) to implement the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). Under the agreement, large-scale mining companies will sell 30% of their gold output to the Ghana — Bank of Ghana and GoldBod for local processing and refining before the gold is added to the country's reserves. The programme aims to strengthen Ghana's foreign exchange reserves, targeting 15 months of import cover by 2028, and reduce reliance on external borrowing. Finance Minister Cassiel Ato Forson, Lands Minister Emmanuel Armah Kofi Buah, Ghana — Bank of Ghana Governor Johnson Pandit Asiama, and Chamber of Mines executives Eric Asubonteng and Kenneth Ashigbey all expressed support. The Chamber of Mines urged the government to adopt an incentive-based approach to ensure long-term sustainability and promote local gold refining, citing examples from Tanzania, India, and South Africa. The MOU marks a significant step in implementing GANRAP, bringing together government, the central bank, GoldBod, and the mining industry.