Government Sets 3.02-Tonne Weekly Gold Acquisition Target to Boost External Reserves
Finance Minister, Cassiel Ato Forson, has outlined an ambitious operational framework for the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), targeting weekly gold purchases of 3.02 tonnes to significantly strengthen the country’s external buffers.
Addressing Parliament on Wednesday, Dr. Forson said the policy is anchored on a two-pronged strategy designed to systematically accumulate gold for Ghana’s reserves while deepening in-country value addition.
Under the first pillar, the Ghana Gold Board (GOLDBOD) has been mandated to procure a minimum of 2.45 tonnes of gold per week from the Artisanal Small-Scale Mining (ASM) sector. The initiative, he indicated, is projected to mobilise over US$20 billion annually in gold value, positioning the country to build stronger reserve buffers and enhance macroeconomic stability.
The second pillar leverages the state’s pre-emptive right to acquire 20% of output from large-scale mining firms, equivalent to approximately 0.57 tonnes weekly.
Dr. Forson disclosed that, under the revised arrangement for large-scale producers, all transactions will be conducted strictly in cedis at the prevailing interbank exchange rate, with volume-based discounts to be negotiated. He emphasised that gold purchases must be in doré form and processed locally to promote domestic refining capacity and retain more value within the economy.
To ensure strict enforcement, an Inter-Agency Committee co-chaired by the Ministers for Finance and Lands and Natural Resources will oversee compliance with the policy directives.
The acquired gold will undergo refining locally before being transferred to London Bullion Market Association (LBMA)-accredited refineries abroad for final certification and stamping, after which it will be added to Ghana’s physical reserves.
In a move aimed at safeguarding the integrity of the reserves programme, the Finance Minister stressed that the Bank of Ghana will be barred from disposing of the accumulated gold without prior approval from both Cabinet and Parliament.
The GANRAP framework forms part of broader efforts to bolster reserve adequacy, stabilise the cedi, and reduce Ghana’s vulnerability to external shocks through sustained accumulation of physical gold assets.
