The Ghana Gold Board and the Bank of Ghana are set to sign an agreement that will see the Gold Board selling its foreign exchange earnings to the Central Bank.
This move, according to Finance Minister, Dr. Cassiel Ato Forson, is aimed at boosting the country’s foreign exchange reserves and ensuring effective management of gold inflows.
The cost of the purchase will, however, be mutually agreed upon by both parties.
The Ghana Gold Board is expected to play a crucial role in managing and consolidating the nation’s gold reserves
“Mr. Speaker, the Bank of Ghana and the Ghana Gold Board shall sign an agreement which will mandates the Ghana Gold Board to sell the foreign exchange accrued under this policy to the Bank of Ghana only, at a cost determined by the two parties,” he said.
Dr. Forson, on Wednesday, February 25, 2026, announced the Ghana Gold Board will lead the country’s first-ever comprehensive national policy aimed at building a sustainable macroeconomic stability and robust external reserves.
The policy, Ghana Accelerated National Reserve Accumulation policy (GANARAP) will leverage gold to strengthen Ghana’s foreign exchange reserves and promote economic stability.
This move is expected to boost Ghana’s foreign exchange reserves, which have already shown significant improvement, with gross international reserves reaching $13.8 billion, providing import cover equivalent to 5.7 months.
Presenting the Ghana Accelerated National Reserve Accumulation policy to Parliament, Dr. Forson described the initiative as historic and strategy shift towards a structured, gold-backed and reform-driven accumulation framework.
“Gold as a strategic anchor central to the policy is a deliberate gold-backed reserve accumulation strategy anchored on the Ghana Gold Board Act, 2025 ( Act 1140), which mandates the Ghana Gold Board to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana,’ he explained.
To make it achievable, the finance minister revealed that government has set an operational weekly gold purchase target of approximately 3 tonnes through the acquisition of at least 2.45 tonnes from Artisanal Small-scale Mining (ASM) sector and a minimum of 0.57 tonnes from the Large-Scale mining sector.
According to him, gold purchased will be refined and added to the country’s physical reserves which will only be sold with prior Cabinet and Parliament approval.
He pointed out that the new policy when implemented will halt or reduce the country’s reliance on Eurobonds, swaps, sale-and-buy-back transactions and commercial bank borrowing to build reserves at significant cost.
