Accra: The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq, has revealed that the government, through the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), is targeting the purchase of three tonnes of gold every week in a move expected to generate over $400 million weekly for Ghana's economy through 2028.
According to Ghana Web, Gyamfi disclosed on TV3's Key Points Program on Saturday, May 9, 2026, that the programme aims to purchase 2.45 tonnes of gold weekly from the artisanal and small-scale mining sector, while large-scale mining companies are expected to contribute an additional 0.55 tonnes per week.
Speaking on the objectives of GANRAP, the GoldBod CEO explained that the initiative is part of the President Mahama administration's broader economic reset agenda aimed at strengthening Ghana's foreign reserves, stabilising the cedi, and protecting the economy against future external shocks. He highlighted the goal to accumulate about 15 months of import cover to withstand external shocks like COVID-19 or geopolitical conflicts.
Gyamfi elaborated that after GoldBod was established in April 2025, it initially continued the Bank of Ghana's Domestic Gold Purchase Programme while implementing reforms, restructuring operations, and building new systems within the gold trading sector. However, the government has now fully transitioned into GANRAP, which has received approval from Cabinet and Parliament, with a stronger focus on efficiency and cost reduction.
He noted a significant achievement under the new programme has been a reduction in the cost of gold reserve accumulation. While the previous programme operated at a cost of about 16 per cent, GANRAP has reduced that figure to 7.25 per cent, with projections to reduce it further to 5 per cent next year and eventually 3 per cent.
Gyamfi also revealed that GoldBod no longer purchases gold using forex bureau rates but now buys at the interbank rate, substantially reducing losses associated with exchange rate gaps. The government has also reduced discount arrangements on gold exports and tightened systems to minimise purity losses and other operational costs.
The Ghana Accelerated National Reserve Accumulation Programme (GANRAP) is part of the government's strategy to reposition Ghana's gold sector as a major pillar of economic stability and reserve accumulation. Implemented through the Ghana Gold Board, the programme is designed to increase in-country gold retention, strengthen foreign exchange reserves, stabilise the local currency, and ensure greater long-term value from Ghana's mineral resources through a more efficient and cost-effective gold purchasing regime.