The government and large-scale mining companies have signed an agreement to implement the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), under which mining firms will sell 30 percent of their gold output to the Ghana Gold Board (GoldBod) for local refining and inclusion in the country’s reserves.
The agreement, formalised through a Memorandum of Understanding involving the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana and the Ghana Chamber of Mines, is expected to strengthen Ghana’s foreign exchange reserves while promoting local value addition.
Finance Minister Dr. Cassiel Ato Forson described the agreement as a major milestone in the government’s efforts to build stronger external buffers using Ghana’s mineral resources rather than relying heavily on external borrowing.
The programme aims to accumulate reserves equivalent to 15 months of import cover over the medium term.
Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah welcomed the agreement and assured mining companies of the government’s commitment to addressing any implementation challenges that may arise.
Bank of Ghana Governor Dr. Johnson Pandit Asiama commended the mining companies for supporting the initiative, describing their commitment as a significant contribution to national development.
The Ghana Chamber of Mines also endorsed the programme, with its Chief Executive Officer, Ing. Dr. Kenneth Ashigbey, noting that a stable macroeconomic environment was essential for the growth of the mining industry.
However, the Chamber urged the government to adopt an incentive-based approach to ensure the long-term sustainability of the programme and strengthen local gold refining.
The agreement forms part of broader efforts to increase the value retained from Ghana’s gold resources, deepen local processing and strengthen the country’s reserve position.
Source: businesspostonline
