Ghana will secure 30% of gold produced by large-scale mining companies for its strategic reserves under the Ghana Accelerated National Reserve Accumulation Policy, as the government seeks to strengthen reserves and reduce reliance on external borrowing.
The agreement was formalised through a Memorandum of Understanding involving the Ghana Gold Board (GoldBod), the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines.
Under the arrangement, GoldBod will serve as a principal implementing institution, purchasing and aggregating the gold before channelling it into local refining and reserve accumulation.
The policy targets 15 months of import cover by 2028, a level described by GoldBod as considerably above the internationally accepted benchmark for reserve adequacy.
The initiative is intended to strengthen Ghana’s reserve position and improve the country’s resilience to external economic shocks while reducing its reliance on costly external borrowing.
GoldBod said stronger national reserves are expected to support greater stability for the cedi and contribute to price stability in the domestic market.
The agreement brings together the government agencies, the central bank and the mining industry in an effort to direct a portion of large-scale gold production toward national reserve accumulation.
