Lands Minister urges flexibility as as Ghana begins 30% gold purchase under GANRAP

The Minister for Lands and Natural Resources in Ghana, Emmanuel Armah-Kofi Buah, has called for ongoing collaboration and adaptability as the country commences the 30% gold purchase aspect of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). This development follows the signing of a Memorandum of Understanding (MoU) among the Government, the Bank of Ghana, the Ghana Gold Board, and the Ghana Chamber of Mines.

Large-scale mining companies will now be mandated to sell 30% of their gold production to the Bank of Ghana and Gold Board for local processing and refining, with the refined gold then being transferred to the central bank as part of efforts to bolster the country's reserves.

Minister Buah expressed his appreciation for the Chamber of Mines and the mining companies' cooperation during the negotiation process that led to the agreement. He assured the industry that his Ministry would continue to engage stakeholders to tackle any challenges that may arise during the implementation phase. He emphasized the necessity for flexibility as the arrangement takes effect, stating that any emerging issues must be resolved through collaboration, with the focus on safeguarding the national interest.

Bank of Ghana Governor Dr Johnson Pandit Asiama has pledged the central bank's backing for the successful execution of the program. He stated that the BoG will work closely with all stakeholders to ensure that GANRAP brings maximum benefits to the Ghanaian economy.