The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has announced that government is targeting the purchase of three tonnes of gold every week under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), a move expected to inject more than $400 million weekly into the economy through 2028.
According to Mr Gyamfi, the programme seeks to acquire 2.45 tonnes of gold each week from Ghana’s artisanal and small-scale mining sector, while large-scale mining firms are expected to contribute an additional 0.55 tonnes.
Speaking on the objectives of the programme, he explained that GANRAP forms part of the broader economic recovery and reserve accumulation strategy being pursued by the administration of President John Dramani Mahama.
“We want to accumulate about 15 months of import cover so that when there is any external shock like COVID-19 or the Russia-Ukraine war, Ghana’s economy can stand the test of time.” - Sammy Gyamfi
Focus on Economic Stability and Reserve Growth
Mr Gyamfi said the initiative is designed to strengthen Ghana’s foreign exchange reserves, stabilise the cedi and protect the economy from future global economic shocks.
He noted that after the establishment of GoldBod in April 2025, the institution initially continued the Bank of Ghana’s Domestic Gold Purchase Programme while implementing reforms aimed at restructuring operations and improving efficiency within the gold trading system.
However, he revealed that government has now fully transitioned into the GANRAP framework after receiving approval from Cabinet and Parliament.
According to him, one of the key achievements of the programme has been a sharp reduction in the cost of gold reserve accumulation.
“While the previous Domestic Gold Purchase Programme operated at a cost of about 16 percent, GANRAP has reduced that figure to 7.25 percent.” - Sammy Gyamfi
He added that the programme aims to reduce the cost further to five percent next year and eventually three percent over the long term.
Reforms Introduced to Reduce Losses
Mr Gyamfi also explained that GoldBod no longer purchases gold using forex bureau rates but now relies on the interbank exchange rate, significantly reducing losses associated with currency differentials.
In addition, government has tightened export discount arrangements and introduced measures to minimise purity losses and operational inefficiencies within the sector.
“This is about building a resilient economy at a lower cost while ensuring that Ghana derives maximum benefit from its gold resources,” he stressed.
The GANRAP initiative forms part of government’s broader strategy to reposition Ghana’s gold sector as a major pillar of economic stability while ensuring the country retains greater long-term value from its mineral resources through a more efficient and cost-effective gold purchasing regime.
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