GANRAP: Govt seals deal with miners on 30% gold sale
The Ministry of Finance and four other institutions have signed a Memorandum of Understanding (MoU) to facilitate the sale of 30 per cent of gold output from large-scale mining companies*under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), approved by Parliament. The other signatories are the Bank of Ghana (BoG), the Ghana Gold Board (GoldBod), … The post GANRAP: Govt seals…
The Ghana Accelerated National Reserve Accumulation Policy (GANRAP), approved by Parliament, has secured a Memorandum of Understanding (MoU) with four key institutions to facilitate the sale of 30 percent of gold output from major mining companies. The signatories include the Ministry of Finance, Bank of Ghana (BoG), Ghana Gold Board (GoldBod), and the Ghana Chamber of Mines, along with their respective ministers.
GANRAP aims to boost Ghana's international reserves to 15 months of import cover by 2028, while decreasing the nation's dependence on expensive external borrowing through a gold-backed domestic reserve accumulation model.
Dr. Cassiel Ato Baah Forson, the Minister of Finance, expressed his honor at the agreement reached among government and miners, emphasizing the agreement would enable the implementation of GANRAP. The Ministry will oversee the sale of 30 percent of gold output from large-scale mining companies to the central bank and GoldBod for local processing and refining.
Dr. Emmanuel Armah Kofi Buah, the Minister of Lands and Natural Resources, commended the mining companies and pledged the Ministry's support for the successful implementation of the policy. Dr. Ken Ashigbey, the CEO of the Ghana Chamber of Mines, praised the government's plan to establish LBMA-standard refineries and urged for an incentive-based approach to ensure GANRAP's long-term sustainability.
Written by urgent.news from Ghanaian Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
