Omanghana
A high-level meeting between the Government of Ghana and leading large-scale mining companies has reinforced efforts to implement the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a key initiative aimed at strengthening the country’s foreign exchange reserves.
The meeting was co-chaired by Finance Minister Cassiel Ato Forson and Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah. It brought together senior executives from major mining firms, alongside Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, and officials from the Minerals Commission.
Discussions centered on reforming Ghana’s gold acquisition framework and strengthening regulatory compliance mechanisms. The broader goal is to enhance the country’s foreign exchange reserves and support the stability of the national currency, the cedi.
Minister Forson emphasized that GANRAP is designed as a collaborative initiative between government and industry stakeholders, rather than a punitive or restrictive policy. He underscored this approach by stating that the policy is “a partnership… not anti-industry, but pro-country.”
GANRAP forms a central pillar of the government’s strategy to reinforce macroeconomic stability. Instead of relying heavily on external borrowing, the policy promotes structured gold acquisition as a means of building external financial buffers and improving economic resilience.
The engagement follows recent landmark developments in the sector, including a transaction in which Damang Gold Mine Ltd. sold 100 percent of its initial gold output to the Ghana Gold Board on behalf of the Bank of Ghana. This move reflects early implementation efforts aligned with GANRAP’s objectives.
Source: Omanghana
