Govt, 3 Others Sign MoU To Secure 30% Large Scale Gold Output

Government representatives and three other entities came together recently to sign a Memorandum of Understanding (MoU) aimed at facilitating the sale of 30 percent of gold output from large-scale mining operations in Ghana. The agreement was forged by the Bank of Ghana, represented by Governor Dr. Johnson Asiama; the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah; the Chief Executive of the Ghana Gold Board (GoldBod), Sammy Gyamfi; and the Chief Executive of the Ghana Chamber of Mines, Ken Ashigbey.

The Ghana Accelerated National Reserve Accumulation Policy (GANRAP) passed by Parliament seeks to bolster the country's international reserves to the equivalent of 15 months of import cover by 2028. This will strengthen the nation's financial buffers and protect the economy from potential shocks. At the signing ceremony, Dr. Cassiel Ato Forson, the Minister for Finance, announced that this MoU would not only facilitate the sale of 30 percent of gold output to GoldBod for local processing and refining but also transfer the proceeds to the Bank of Ghana to bolster international reserves.

The Minister for Lands and Natural Resources, Mr. Emmanuel Armah-Kofi Buah, expressed optimism that this collaboration would attract investment into local gold refineries and contribute to the growth of the industry. Dr. Johnson Asiama, the Governor of the Bank of Ghana, emphasized the significance of the 30 percent gold sale in driving national development, and pledged the central bank's dedication to working with all stakeholders in its implementation.

In his statement, Mr. Ken Ashigbey, the Chief Executive of the Chamber of Mines, commended the government's plan to establish LBMA-standard refineries in the country. He highlighted the importance of a stable macroeconomic environment to the operations of mining companies, while calling for an incentive-based approach to sustain the policy.