GoldBod secures 30% of large-scale gold output for strategic reserves

The Ghana Gold Board, under the leadership of CEO Sammy Gyamfi, has entered into a landmark Memorandum of Understanding (MoU) with key government entities to secure 30% of Ghana's large-scale gold output for strategic reserves. This move is part of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which aims to bolster Ghana's national reserves and enhance the resilience of its financial and economic system.

As the principal implementing institution, GoldBod will purchase and aggregate gold for local refining and accumulation, with the initiative expected to bolster Ghana's foreign exchange reserves, stabilize the cedi, and improve the country's overall resilience against external economic shocks. By targeting 15 months of import cover by 2028, the policy seeks to significantly exceed the internationally accepted benchmark for reserve adequacy.

Additionally, it aims to reduce Ghana's reliance on costly external borrowing, leveraging its gold resources to build stronger domestic reserves. GoldBod expressed gratitude to all stakeholders for their commitment to this national reserve accumulation initiative, marking a significant step in Ghana's efforts to utilize its gold resources for economic and financial stability.