Government engages large-scale mining firms on GANRAP to strengthen Ghana's reserves and stabilise the cedi

The Government of Ghana has held high-level discussions with large-scale mining companies as part of efforts to accelerate the implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a flagship initiative aimed at strengthening national reserves and stabilising the cedi.

The engagement was jointly led by the Minister for Finance, Dr Cassiel Ato Forson, and the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah. It brought together key stakeholders across Ghana’s mining and natural resource value chain, including representatives of large-scale mining companies, officials from the Minerals Commission, and leadership of the Ghana Gold Board, including Chief Executive Officer Sammy Gyamfi.

Speaking at the meeting, Dr. Forson explained that GANRAP is designed to strengthen Ghana’s external financial buffers through a restructured and more efficient gold acquisition framework. He noted that the policy also places strong emphasis on compliance, transparency, and improved regulatory oversight within the mining sector.

“Our focus is on strengthening reserves and supporting a more stable cedi,” he stated, stressing that the reforms are intended to improve macroeconomic stability and reduce vulnerability to external economic shocks.

Under GANRAP, government is implementing targeted reforms aimed at streamlining gold purchasing processes, improving coordination among stakeholders, and ensuring stricter adherence to existing mining and export regulations. Authorities believe that a more structured gold acquisition system will enhance foreign exchange inflows and support currency stability over the medium term.

Dr. Forson further emphasised that the initiative is being pursued in close partnership with industry players rather than as a regulatory imposition. He described the discussions as productive and collaborative, noting that stakeholder engagement is central to the success of the policy.

“This is a partnership. It is not anti-industry. It is pro-country,” he said, underscoring government’s intention to work with mining companies to achieve shared economic goals.

The Ghana Accelerated National Reserve Accumulation Policy forms a key pillar of government’s broader economic strategy, which seeks to build stronger reserve levels, enhance investor confidence, and reduce pressure on the local currency.

Officials say continued collaboration with the mining sector will be critical to achieving long-term stability in the foreign exchange market and improving Ghana’s resilience to global economic fluctuations.