Government has reached an agreement with Ghana’s large-scale mining companies to implement a key component of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), requiring 30% of their gold output to be sold to the Bank of Ghana (BoG) and the Ghana Gold Board for local processing and refining.

The agreement was formalised on Thursday through a Memorandum of Understanding (MoU) signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Gold Board and Ghana Chamber of Mines, which represented the country’s large-scale mining companies.

Speaking at the signing ceremony, Finance Minister Dr Cassiel Ato Forson said the agreement followed extensive consultations among government, the Chamber of Mines, mining companies, the central bank and the Gold Board.

He said the signing marked the conclusion of negotiations on the implementation of the 30% gold purchase component of GANRAP.

“Today’s signing of the memorandum of understanding signifies that we have successfully come to a mutual understanding that that policy will be implemented effective the date of signing,” Dr Ato Forson said.

Under the arrangement, gold purchased from large-scale mining companies will be processed and refined locally before being transferred to the Bank of Ghana to support the country’s reserve accumulation efforts.

Dr Ato Forson said the agreement represents a major step in Government’s efforts to strengthen Ghana’s reserve position and promote macroeconomic stability.