Local Miners Hand Over 30% of Gold Output to Central Bank, a Major Pol

Gold Rush: Local Miners Hand Over 30% of Output to Central Bank

Finance Minister Dr Cassiel Ato Forson on Thursday signed a Memorandum of Understanding (MoU) with key stakeholders to implement a key component of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP). The agreement requires 30% of large-scale mining companies' gold output to be sold to the Bank of Ghana (BoG) and the Ghana Gold Board for local processing and refining.

Agreement Signed After Extensive Consultations

The MoU was formalized through a signing ceremony attended by representatives from the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Gold Board, and Ghana Chamber of Mines. According to the Finance Minister, the agreement followed extensive consultations among government, the Chamber of Mines, mining companies, the central bank, and the Gold Board.

Local Gold Processing and Refining to Support Reserve Accumulation

Under the arrangement, gold purchased from large-scale mining companies will be processed and refined locally before being transferred to the Bank of Ghana to support the country's reserve accumulation efforts. Dr Ato Forson said the agreement represents a major step in Government's efforts to strengthen Ghana's reserve position and promote macroeconomic stability.

Implementation to Begin Immediately

The signing of the memorandum signifies that the 30% gold purchase component of GANRAP will be implemented effective the date of signing. Dr Ato Forson emphasized that the agreement signifies a mutual understanding between stakeholders on the implementation of this policy. The agreement marks the conclusion of negotiations on the implementation of the 30% gold purchase component of GANRAP.

Government's Efforts to Strengthen Reserve Position

The agreement represents a significant development in the government's efforts to strengthen Ghana's reserve position and promote macroeconomic stability. The government's push for local gold processing and refining is expected to have a positive impact on the country's economy, creating jobs and stimulating economic growth.

The Bank of Ghana and the Ghana Gold Board will now work closely with large-scale mining companies to implement the 30% gold purchase component of GANRAP. The successful implementation of this policy will be crucial in achieving the government's objective of strengthening Ghana's reserve position and promoting macroeconomic stability.

Source: JOY