Ghana Signs Landmark MoU to Secure 30% of Large-Scale Gold Output for Strategic Reserves Under GANRAP

On August 13, 2026, the Government of Ghana formalized a major agreement that strengthens the country’s economic buffers. Finance Minister Dr. Cassiel Ato Forson announced the signing of a landmark Memorandum of Understanding (MoU) under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). The deal secures 30% of large-scale gold production for Ghana’s strategic reserves, with a clear national target of achieving 15 months of import cover by 2028.

This move is designed to build what officials describe as an “economic war chest” capable of shielding the nation from external shocks, supporting cedi stability, and securing long-term economic resilience.

The MoU was signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Gold Board (GoldBod), and the Ghana Chamber of Mines (representing large-scale mining companies).

Under the agreement:

- Large-scale mining companies will sell 30% of their gold output to the state (via GoldBod and the Bank of Ghana).

- The gold is supplied in doré (unrefined) form.

- Transactions are conducted in Ghanaian cedis, priced using the Bank of Ghana reference rate (earlier related terms referenced a 0.55% discount).

- The gold will be refined locally before further processing through an LBMA-accredited facility and added to official reserves.

This formalizes and advances earlier negotiations that raised the offtake share from a previous 20% arrangement dating back to 2022.

GANRAP is Ghana’s accelerated strategy, launched and detailed in early 2026, to rapidly rebuild and expand international reserves through a gold-focused approach, complemented by other export and fiscal measures.

Key targets include:

- Raising reserves to the equivalent of 15 months of import cover by the end of 2028 (significantly above the conventional 3-month adequacy benchmark).

- Building gold holdings toward levels associated with roughly 157 metric tons in earlier projections.

- Supporting average net reserve accumulation in the range of US$9.5 billion annually after accounting for outflows.

GoldBod already purchases the full output of Ghana’s artisanal and small-scale mining sector. Expanding the large-scale contribution is intended to scale domestic retention, improve traceability, and drive local value addition—including progress toward London Bullion Market Association (LBMA) accreditation for at least one domestic refinery by 2030.

Ghana is Africa’s largest gold producer. By retaining a larger share of production domestically and converting it into official reserves, the government aims to:

- Create a stronger buffer against global shocks (commodity price swings, capital flow reversals, or external crises).

- Support greater stability for the cedi.

- Generate potential foreign-exchange inflows when reserves are managed or monetized strategically.

- Promote local refining and reduce the export of raw minerals, aligning with longer-term industrial goals.

Officials, including the Bank of Ghana Governor, have emphasized that stronger reserves translate into more stable prices and greater protection for households and businesses when external pressures arise. The Ghana Chamber of Mines has expressed support for the macroeconomic resilience objectives of the programme.

The August 13 signing marks the conclusion of negotiations on how the 30% component will be implemented. Gold purchased under the scheme is to be processed and refined locally before transfer to the Bank of Ghana for reserve accumulation.

This builds on earlier announcements in mid-2026 regarding the increased offtake percentage and forms part of a broader partnership approach between government and the mining sector.

The success of GANRAP will depend on consistent implementation, effective local refining capacity development, fiscal discipline, and sustained collaboration with mining companies. If the targets are met, Ghana would hold one of the more robust reserve buffers in the region relative to import needs—an “economic war chest” designed for resilience in an uncertain global environment.