The Government of Ghana has secured a landmark agreement to acquire 30 per cent of gold produced by the country’s large-scale mining companies as part of efforts to build the nation’s strategic reserves and strengthen economic resilience.

The agreement, signed under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), is aimed at helping Ghana achieve 15 months of import cover by the end of 2028.

Finance Minister Dr Cassiel Ato Forson announced the development, expressing appreciation to the Ghana Chamber of Mines and participating large-scale mining companies for their commitment to the initiative.

“Together, we are building an economic war chest that will shield our nation from external shocks, stabilise the cedi, and secure our economic future,” Dr Forson stated.

Under the arrangement, large-scale mining companies will sell 30 per cent of their gold output to the Ghana Gold Board (GoldBod), with the agreement taking effect from July 1, 2026. The gold will be purchased locally in Ghana cedis at the Bank of Ghana reference rate and in doré form, subject to a 0.55 per cent discount.

The gold acquired by GoldBod will be refined locally before being shipped to a London Bullion Market Association (LBMA)-accredited refinery for melting and stamping. It will subsequently be delivered to the Bank of Ghana to form part of the country’s strategic gold reserves.

The arrangement forms a key component of GANRAP, Government’s broader strategy to strengthen Ghana’s external buffers and reduce the country’s vulnerability to economic shocks.

GANRAP sets an ambitious target of increasing Ghana’s international reserves to the equivalent of 15 months of import cover by the end of 2028. The programme targets at least 8.6 months of import cover by the end of 2026 and more than 11.8 months by the end of 2027 before reaching the 15-month target in 2028.

Government says the strategy represents a shift away from costly borrowing to build reserves and instead seeks to leverage Ghana’s gold resources to strengthen the country’s balance sheet and external position.

At the end of 2025, Ghana’s gross international reserves stood at US$13.8 billion, equivalent to 5.7 months of import cover. Government has argued that the conventional three-month reserve benchmark is no longer sufficient given heightened global economic and geopolitical uncertainties.

The 30 per cent gold offtake arrangement is also expected to support greater local value retention in the gold sector, with Government working towards securing LBMA accreditation for at least one local refinery by 2030. It forms part of the administration’s broader objective of ending the export of raw minerals by the same year.

Dr Forson’s latest announcement reinforces Government’s position that Ghana’s substantial gold resources can serve not only as a source of export earnings but also as a strategic financial asset capable of providing a stronger buffer against external shocks.

If successfully implemented, the policy is expected to bolster the country’s reserves, support exchange-rate stability and provide greater protection against future disruptions in global commodity markets and international financing.

For Government, the ultimate objective is clear: to build sufficient financial buffers to protect the economy from the kind of external pressures that have historically triggered severe currency depreciation and economic instability.