The Ghana Chamber of Mines has backed the objectives of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), but has called for the initiative to evolve into an incentive-based system that promotes long-term local gold processing and refining.

Chief Executive Officer of the Chamber of Mines, Eric Asubonteng, said the mining industry supports GANRAP’s focus on strengthening Ghana’s macroeconomic resilience and building a reserve buffer capable of helping the country withstand external economic shocks.

Speaking at the signing of an MoU between Government and large-scale mining companies on the implementation of the programme, Mr Asubonteng also welcomed plans to establish internationally accredited gold refineries in Ghana.

He disclosed that the Chamber had already begun exploring opportunities to support local gold refining, including engagements with refineries in Ghana and South Africa.

However, he argued that the policy should go beyond its current timeframe and introduce incentives to encourage companies to process and refine gold locally.

“We need to look at GANRAP beyond even 2028,” he said, citing countries such as Tanzania, India and South Africa, where incentives are used to promote local beneficiation of minerals.

Mr Asubonteng said an incentive-driven approach could position Ghana as a major gold refining hub for West Africa, leveraging the large volumes of gold produced locally and in neighbouring countries.

He added that the Chamber would continue working with Government and other stakeholders to address implementation challenges while supporting the broader objectives of GANRAP.