Gov’t targets 3 tonnes of gold weekly to achieve 15-month import cover – Ato Forson

Ghana’s government has unveiled an ambitious plan to boost the nation’s foreign exchange reserves through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), aiming to purchase 3.02 tonnes of gold each week.

Finance Minister Cassiel Ato Forson presented the strategy to Parliament on Wednesday, explaining that it has two main components.

First, the Ghana Gold Board (GOLDBOD) is mandated to procure at least 2.45 tonnes weekly from the Artisanal Small-Scale Mining (ASM) sector, targeting annual revenues exceeding US$20 billion.

Second, the government will exercise its pre-emptive right to purchase 20% of output from large-scale mining companies, amounting to roughly 0.57 tonnes per week. Purchases from these firms will be conducted in Ghana cedis at the prevailing interbank exchange rate, with negotiated discounts depending on volume.

All gold procured must be in doré form and refined domestically before being shipped to LBMA-accredited international refineries for final certification. An Inter-Agency Committee, co-chaired by the Finance and Lands Ministers, will oversee compliance among miners.

The policy stipulates that the Bank of Ghana cannot sell the acquired gold without prior approval from both Cabinet and Parliament. This initiative is aimed at building the country’s physical reserves and achieving a 15-month import cover.