Government Finalises 30% Gold Deal with Large-Scale Miners
The government has reached a formal agreement with Ghana’s large-scale mining companies to secure 30 per cent of their gold production for the country’s reserve accumulation programme.
The agreement was sealed through a Memorandum of Understanding involving the Ministry of Finance, Ministry of Lands and Natural Resources, the Bank of Ghana, GoldBod and the Ghana Chamber of Mines, which represented the mining companies.
Under the arrangement, the gold acquired from large-scale miners will undergo local processing and refining before being transferred to the Bank of Ghana to strengthen the country’s international reserves.
Finance Minister Dr Cassiel Ato Forson said the signing marked the successful conclusion of negotiations between government and the mining industry on the 30 per cent gold purchase component of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
The initiative is expected to help Ghana retain more value from its gold resources while supporting efforts to build stronger foreign reserves and improve macroeconomic stability.
The Bank of Ghana has also pledged its support for the implementation of the agreement and will work with the relevant institutions to ensure the programme delivers the intended benefits to the economy.
