Gov’t, miners sign GANRAP agreement to support gold-based reserve accumulation

The Ghanaian government has reached an agreement with the country's major mining firms to implement a significant aspect of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). This arrangement mandates that these companies must sell 30% of their gold production to the Bank of Ghana (BoG) and the Ghana Gold Board, both of which will process and refine the precious metal locally.

The agreement was officially sealed on Thursday through a Memorandum of Understanding (MoU) signed by key government departments, the Bank of Ghana, the Ghana Gold Board, and the Ghana Chamber of Mines, which represents the nation's large-scale mining sector. The ceremony was attended by Finance Minister Dr Cassiel Ato Forson, who stated that the deal followed numerous discussions among the government, the Chamber of Mines, mining companies, the central bank, and the Gold Board.

Forson highlighted that the signing of the MoU signifies the successful negotiation and mutual agreement to implement this policy effective immediately. Under the new system, gold extracted from large-scale mining operations will undergo local processing and refining before being handed over to the Bank of Ghana. This move is seen as a pivotal step in bolstering Ghana's reserve accumulation efforts and enhancing macroeconomic stability.