Large-scale miners commit 30% of gold output to BoG, GoldBod under GANRAP

Government has reached an agreement with Ghana’s large-scale mining companies to implement a key component of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), requiring 30% of their gold output to be sold to the Bank of Ghana (BoG) and the Ghana Gold Board for local processing and refining.

The agreement was formalised on Thursday through a Memorandum of Understanding (MoU) signed by the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Gold Board and Ghana Chamber of Mines, which represented the country’s large-scale mining companies.

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.