The Ghana Gold Board (GoldBod) has secured an agreement to acquire 30% of Ghana’s large-scale gold production to build the country’s strategic reserves under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The agreement was formalised through a Memorandum of Understanding involving GoldBod, the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines.

Under the arrangement, GoldBod, led by its Chief Executive Officer, Sammy Gyamfi, will serve as a key implementing institution, purchasing and aggregating the allocated gold for local refining and subsequent inclusion in Ghana’s reserves.

The initiative is aimed at strengthening the country’s reserve position and improving its ability to withstand external economic pressures.

According to GoldBod, increasing national reserves could contribute to greater stability for the cedi, support price stability and reduce Ghana’s dependence on external borrowing to meet its foreign exchange needs.

The policy sets a target of achieving 15 months of import cover by 2028, which would place Ghana’s reserve position significantly above the internationally recognised minimum benchmark for reserve adequacy.

GoldBod said the arrangement represents an important step towards strengthening Ghana’s economic resilience and ensuring that a greater share of the country’s gold wealth contributes directly to national reserves.

The Board expressed appreciation to the government institutions, the Ghana Chamber of Mines and participating mining companies for their cooperation in advancing the initiative.