Government, miners sign GANRAP agreement to support gold-based reserve accumulation
The agreement was 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, representing the participating large-scale mining companies.
The Ghanaian government and the large-scale mining sector have reached an agreement to implement the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). This initiative involves mining companies selling 30 percent of their gold output to the Ghana Gold Board (GoldBod) for local processing and refining, with the refined gold then added to the country's reserves.
The Memorandum of Understanding, signed by the Ministry of Finance, the Ministry of Lands and Natural Resources, GoldBod, the Bank of Ghana, and the Ghana Chamber of Mines, marks a significant milestone in efforts to bolster Ghana's international reserves by leveraging the country's gold resources instead of relying on external borrowing.
Finance Minister Dr. Cassiel Ato Forson highlighted the agreement as a successful outcome of negotiations, while the Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, expressed his support and readiness to address potential challenges during the implementation process.
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