The Ghana Gold Board (GoldBod), led by its Chief Executive Officer, Mr Sammy Gyamfi, has joined the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines to execute a landmark Memorandum of Understanding (MoU) securing 30 per cent of the nation’s large-scale gold output for the country’s strategic reserves.
The agreement, signed under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), positions GoldBod as a principal implementing institution under the Policy, tasked with purchasing and aggregating the gold and channelling it into local refining and reserve accumulation.
A statement issued by GoldBod said the significance of the agreement extended to every Ghanaian, noting that stronger national reserves would support a more stable cedi, greater price stability in the market, and improved resilience against external economic shocks.
It said under the Policy, Ghana was working towards attaining fifteen months of import cover by 2028, a level considerably above the internationally accepted benchmark for reserve adequacy, while reducing the country’s reliance on costly external borrowing.
GoldBod extended its sincere appreciation to the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana, the Ghana Chamber of Mines and all participating mining companies for their commitment to the national undertaking.
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